If you are hoping to get a small business loan and your business is based in Salem, Arkansas, we've put together a list of local small business banks that you should contact.
Local Salem Lenders
To help you learn more about local small business lenders, here's our list of small business banks in Salem.
Other Lending Resources for Salem Businesses
This is a list of banks outside of Salem, Arkansas that have provided SBA loans to Salem businesses. Some of these may be national banks with local branch locations.
Salem Bank Loan Tips
Prior to reaching out to banks for a loan, you will need to determine exactly what size loan you will be asking for.
You need to be able to clearly explain your business, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show your ability to pay the loan back to the bank.
Having a business plan is essential. If the bank loan is to for a going concern, you should also have financial statements covering the last three years. In addition, you should itemize what collateral you have available to secure the loan. Collateral is relevant because banks always
want to be prepared for a worst-case scenario in which cash flow from the business does not meet your projections.
If the business has few assets, the bank may ask you to to pledge your personal assets, such as stocks and bonds that you might own or life insurance policies. The banks will check on your personal credit history in any case, so hopefully you have good credit history
-- you may want to get a copy of your credit history prior to meeting with the banker.
Many of the banks in our list participate in the financial assistance programs available through the SBA. Before you sit down to talk with a small business banker, you may want to read up on on SBA loans programs to see if you qualify. SBA 7(a) loans, SBA 504 loans and SBA disaster assistance loans may be available to you.
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