These materials were prepared for entrepreneurs in Silverhill, Alabama who are interested in getting a bank loan.
Local Silverhill Lending Resources
To assist you in finding a small business banker, here's our list of small business banks in Silverhill.
|Small Business Bank
||Recent SBA Loans
Business Loan Providers for Silverhill Businesses
This is a list of banks outside of Silverhill, Alabama that have provided SBA loans to Silverhill businesses. Some of these may be national banks with local branch locations.
Silverhill Business Loan Advice
Prior to meeting with lenders to discuss getting a bank loan, you will need to develop the specifics of your loan request.
You need to be able to clearly explain your business, explain how much you want to borrow, describe what the money will finance, and show how you plan to pay the loan back to the lender.
A well-defined 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 your individual retirement account or pension plan. 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. Prior to visiting local banks, you may want to do your homework 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 serious about Raising
Money, you need to educate yourself. If you haven't read it
already, we recommend you review
Business Line of Credit.
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