This article is written specifically for small business owners in Selma, Alabama who are interested in getting debt financing.
Local Selma Business Lenders
To assist you in finding a small business banker, here's our list of small business banks in Selma.
|Small Business Bank
||Recent SBA Loans
|Amsouth Bank - Branch- Selma Main
|Atm USA LLC
Lenders for Selma Businesses
This is a list of banks outside of Selma, Alabama that have provided SBA loans to Selma businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Selma
Prior to meeting with banks to get a bank loan, you will need to have a specific plan.
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.
Being able to present a well-written business plan is is critically important. If the loan 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 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, you will likely be asked to pledge your personal assets, such as the equity in your home. 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. Prior to visiting local banks, you may want to get up to speed 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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