These materials were prepared for entrepreneurs in Snowflake, Arizona who are interested in getting a bank loan.
Local Snowflake Lenders
To assist you in finding a small business banker, here's our list of small business banks in Snowflake.
|Small Business Bank
||Recent SBA Loans
|Wells Fargo Bank NA - Branch Offices- Snowflake
Other Lending Resources for Snowflake Businesses
This is a list of banks outside of Snowflake, Arizona that have provided SBA loans to Snowflake businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Snowflake
Prior to reaching out to lenders for a loan, you will need to have a specific plan.
You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, describe what the money will finance, and show how you plan to pay the money back to the lender.
A well-defined business plan is an important prerequisite. If the capital is to for a going concern, you should also have financial statements covering the last three years. In addition, you should itemize 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, you will likely be asked to to guarantee the loan 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. 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.
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