Loan Census Banking News and Information
April 15, 2021  
 
 
  Business Loan Information  
 

Small Business Lenders in Sumiton, Alabama

 
Loan Census SBA Loan Info

I need a loan for my business in Sumiton, Alabama! If that's what's on your mind, you've come to the right place.

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
Compass Bank  
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.

Small Business Bank Recent SBA Loans
Business Loan Center, LLC
New York, NY
1
Capital One
Mclean, VA
1
First National Bank Of Jasper
Jasper, AL
1
Temecula Valley Bank
Temecula, CA
1

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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