This article is written specifically for entrepreneurs in Smithville, Arkansas who are interested in getting a bank loan.
Local Smithville Lending Resources
To help you learn more about local small business lenders, here's our list of small business banks in Smithville.
|Small Business Bank
||Recent SBA Loans
|Bank of Cave City Lynn Branch
Business Loan Providers for Smithville Businesses
This is a list of banks outside of Smithville, Arkansas that have provided SBA loans to Smithville businesses. Some of these may be national banks with local branch locations.
Smithville Business Loan Advice
Before reaching out to 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, walk the banker through the planned use of proceeds, and show how you intend to to pay the loan back to the lender.
A well-defined business plan is essential. 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 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 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 participate in the financial assistance programs available through the SBA. Before you sit down to talk with a small business 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
Our Gaebler.com site is all about aiding entrepreneurs, and we have a
lot of information pertaining to to Raising
Money. For example, we would suggest you read 504 Loans.
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