If you are planning on applying for a small business loan and your business is based in Slocomb, Alabama, we've assembled a list of local small business banks that you should contact.
Local Slocomb Lending Resources
To assist you in finding a small business banker, here's our list of small business banks in Slocomb.
SBA Lenders for Slocomb Businesses
This is a list of banks outside of Slocomb, Alabama that have provided SBA loans to Slocomb businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Slocomb Businesses
As a prerequisite to contacting 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, describe what the money will finance, and show how you intend to to pay the loan back to the bank.
A well-defined business plan is essential. If the capital is to for an existing 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 you cannot repay the loan.
If the business has few assets, you will likely be asked to to guarantee the loan with your personal assets, such as your individual retirement account or pension plan. 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 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
Make the effort and learn as much as you can about Raising
Money. For starters, we recommend you read
Choosing VC Firms.
More Business Loan Info for Alabama
Get a Business Loan in Sheffield
Get a Business Loan in Spanish Fort
Browse All Business Loan Sources for Alabama