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

Business Loan Sparta, Michigan

 
Loan Census SBA Loan Info

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

We wrote this article for small business owners in Sparta, Michigan who are interested in getting debt financing.

Local Sparta Business Loan Sources

To help you learn more about local small business lenders, here's our list of small business banks in Sparta.

Small Business Bank Recent SBA Loans
Choice One Bank  
Choiceone - Mortgages  
Choiceone Bank 16
Independent Bank - Sparta Office  

SBA Lenders for Sparta Businesses

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

Small Business Bank Recent SBA Loans
Capital One
Mclean, VA
1
Fifth Third Bank
Grand Rapids, MI
5
Kent Commerce Bank
Kentwood, MI
1
National City Bank
Bannockburn, IL
1
National City Bank
Cleveland, OH
2
United Bank Of Michigan
Grand Rapids, MI
2

Tips for Getting a Business Loan in Sparta

Prior to meeting with banks to get a bank 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 is critically important. If the loan is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know 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 stocks and bonds that you might own or life insurance policies. 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 meeting with the 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

Make the effort and learn as much as you can about Raising Money. For starters, we recommend you read Business Credit Evaluation.

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