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

Smithfield, Kentucky Business Loan

 
Loan Census SBA Loan Info

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

This article is written specifically for entrepreneurs in Smithfield, Kentucky who are interested in getting debt financing.

Local Smithfield Lenders

To assist you in finding a small business banker, here's our list of small business banks in Smithfield.

Small Business Bank Recent SBA Loans
Farmers Deposit Bank - Jericho Branch  

SBA Lenders for Smithfield Businesses

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

Small Business Bank Recent SBA Loans
Pnc Bank, National Association
Philadelphia, PA
2
Pnc Bank, National Association
Pittsburgh, PA
1

Smithfield Business Loan Advice

Before reaching out to 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.

A well-defined business plan is is critically important. If the bank loan 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 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 pledge your personal assets, such as the equity in your home. 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 are SBA lenders. Before you sit down to talk with a small business 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 all about helping entrepreneurs, and we have a lot of useful articles about to Raising Money. To learn more, we would suggest you read Getting a Small Business Loan.

More Business Loan Info for Kentucky
Get a Business Loan in Shepherdsville
Get a Business Loan in Somerset

Browse All Business Loan Sources for Kentucky