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

Summit, Mississippi Small Business Loans

 
Loan Census SBA Loan Info

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

If you are looking for a small business loan and your business is based in Summit, Mississippi, we've put together a list of local small business banks that you should contact.

Local Summit Business Lenders

To assist you in finding a small business banker, here's our list of small business banks in Summit.

Small Business Bank Recent SBA Loans
First Bank 1

Other Lending Resources for Summit Businesses

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

Small Business Bank Recent SBA Loans
First Financial Bank
Carthage, MS
3
Innovative Bank
Oakland, CA
1
Pike National Bank
Mccomb, MS
2
State Bank & Trust Company
Greenwood, MS
1
Trustmark National Bank
Jackson, MS
5
Trustmark National Bank
Pearl, MS
1

Summit Bank Loan Tips

Prior to meeting with banks to discuss getting 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 an important prerequisite. If the money 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 you cannot repay the loan.

If the business has few assets, you will likely be asked 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. Prior to visiting local banks, 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

If you are serious about Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review Getting a Small Business Loan.

More Business Lender Lists for Mississippi Cities
Get a Business Loan in Starkville
Get a Business Loan in Tupelo

Browse All Business Loan Sources for Mississippi