Loan Census Banking News and Information
March 29, 2024  
 
 
  Business Loan Information  
 

Slaton, Texas Small Business Loans

 
Loan Census SBA Loan Info

Getting a business loan in Slaton, Texas seems challenging at first, but we're here to help you get started.

If you are looking for a small business loan and your business is based in Slaton, Texas, we've assembled a list of local small business banks that you should contact.

Local Slaton Banks

To help you learn more about local small business lenders, here's our list of small business banks in Slaton.

Small Business Bank Recent SBA Loans
American State Bank 3
Citizens Bank 3
Citizensbank  

Lenders for Slaton Businesses

This is a list of banks outside of Slaton, Texas that have provided SBA loans to Slaton businesses. Some of these may be national banks with local branch locations.

Small Business Bank Recent SBA Loans
American State Bank
Lubbock, TX
1
Capital One
Mclean, VA
2
Lubbock National Bank
Lubbock, TX
1
Plainscapital Bank
Lubbock, TX
1
Wells Fargo Bank
San Jose, CA
1

Slaton Bank Loan Tips

As a prerequisite to meeting with banks 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, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the bank.

Having a business plan is is critically important. If the money is to for an existing business, you should also have financial statements covering the last three years. You will also need to discuss 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, the bank may ask you to to secure the business with 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 these banks participate in the financial assistance programs available through the SBA. Before meeting with the banker, 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.

Gaebler.com Advice on Raising Money

If you are serious about Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review Business Cash Advances.

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