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March 28, 2024  
 
 
  Business Loan Information  
 

St. Martin, Mississippi Business Loan

 
Loan Census SBA Loan Info

Getting a business loan in St. Martin, Mississippi seems challenging at first, but we're here to help you get started.

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

Other Lending Resources for St. Martin Businesses

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

Small Business Bank Recent SBA Loans
Hancock Bank
Gulfport, MS
1

St. Martin Business Loan Advice

Before reaching out to banks for a 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, 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 an important prerequisite. If the loan is to for a going concern, you should also have financial statements covering the last three years. You will also need to discuss 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 pledge your personal assets, such as your individual retirement account or pension plan. 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 the banks in our list participate in the financial assistance programs available through the SBA. Before meeting with the 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 providing advice to entrepreneurs, and we have a lot of information pertaining to to Raising Money. For example, we would suggest you read Business Incubators.

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