Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Smithville, Mississippi Business Loan

 
Loan Census SBA Loan Info

Small business loans in Smithville, Mississippi are available. You just need to talk to the right bank.

We wrote this article for small business owners in Smithville, Mississippi who are interested in getting a small business loan.

Local Smithville Business Lenders

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
Peoples Bank and Trust CO  

Other Lending Resources for Smithville Businesses

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

Small Business Bank Recent SBA Loans
Bank Of Okolona
Okolona, MS
2

Smithville Business Loan Advice

Before reaching out to lenders to discuss getting 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 your ability to pay the loan back to the lender.

Being able to present a well-written business plan is an important prerequisite. If the money is to for a going concern, you should also have financial statements covering the last three years. Bankers will also want to know 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 the equity in your home. 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 these banks 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

If you are serious about Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review 504 Loans.

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