Loan Census Banking News and Information
April 15, 2021  
 
 
  Business Loan Information  
 

Salem, Arkansas Small Business Loans

 
Loan Census SBA Loan Info

Small business loans in Salem, Arkansas are available. You just need to talk to the right bank.

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.

Small Business Bank Recent SBA Loans
Bank Of Salem 6

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.

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
1
First National Banking Company
Ash Flat, AR
4
U.S. Bank National Association
Cincinnati, OH
1

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.

Gaebler.com Advice on Raising Money

Make the effort and learn as much as you can about Raising Money. To get the ball rolling, we recommend you read 504 Loans.

Business Loan Sources for Other Cities in Arkansas
Get a Business Loan in Russellville
Get a Business Loan in Searcy

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