Loan Census Banking News and Information
December 3, 2023  
  Business Loan Information  

Steele, Alabama Business Loan

Loan Census SBA Loan Info

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

We wrote this article for entrepreneurs in Steele, Alabama who are interested in getting a bank loan.

Business Loan Providers for Steele Businesses

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

Small Business Bank Recent SBA Loans
Union State Bank
Ashville, AL

Steele Business Loan Advice

Prior to contacting banks to discuss getting a bank loan, you will need to develop the specifics of your loan request.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, define how the money will be used, and show your ability to pay the money back to the bank.

A well-defined 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. In addition, you should itemize 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, you will likely be asked to secure the business with 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 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. Advice on Raising Money

Our site is devoted to aiding small business owners, and we have a lot of resources related to to Raising Money. For example, we would suggest you read Business Incubators.

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