These materials were prepared for small business owners in Snead, Alabama who are interested in getting a bank loan.
Other Lending Resources for Snead Businesses
This is a list of banks outside of Snead, Alabama that have provided SBA loans to Snead businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Snead
Before reaching out to banks for a loan, you will need to determine exactly what size loan you will be asking for.
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 plan to pay the loan back to the bank.
Being able to present a well-written business plan is essential. 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 cash flow from the business does not meet your projections.
If the business has few assets, the bank may ask you to to pledge your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 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 passionate about aiding small business owners, and we have a
lot of resources related to to Raising
Money. For example, one article that might be of interest to you is Getting a Small Business Loan.
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