If you are planning on applying for a small business loan and your business is based in Sumiton, Alabama, we've put together a list of local small business banks that you should contact.
Local Sumiton Banks
Without further adieu, here's our list of small business banks in Sumiton.
|Small Business Bank
||Recent SBA Loans
|Pinnacle Bank - Sumiton Branch
Lenders for Sumiton Businesses
This is a list of banks outside of Sumiton, Alabama that have provided SBA loans to Sumiton businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Sumiton Businesses
As a prerequisite to meeting with banks to get a bank 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 bank.
Being able to present a well-written business plan is essential. If the capital is to for a going concern, you should also have financial statements covering the last three years. Bankers will also want to know 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 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. Prior to visiting local banks, 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
If you are planning on Raising
Money, you need to get up to speed on the subject. If you haven't read it
already, we recommend you review
Borrowing Money from Friends and Family.
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