These materials were prepared for small business proprietors in Salton City, California who are interested in getting debt financing.
Other Lending Resources for Salton City Businesses
This is a list of banks outside of Salton City, California that have provided SBA loans to Salton City businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Salton City
Before meeting with 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, define how the money will be used, and show how you intend to to pay the loan back to the bank.
Having a business plan is essential. If the capital is to for a company that is already doing business, you should also have financial statements covering the last three years. Bankers will also want to know what collateral you have available to guarantee 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, you will likely be asked to secure the business with your personal assets, such as stocks and bonds that you might own or life insurance policies. The banks will look at your personal credit report 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 are SBA lenders. Before meeting with the 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
If you are new to our Gaebler.com site, you should know that we are devoted to assisting entrepreneurs, and we have a
lot of resources related to to Raising
Money. If you want to learn about raising money, we would suggest you read 504 Loans.
Business Loan Sources for Other Cities in California
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