We wrote this article for small business proprietors in Tallassee, Alabama who are interested in getting a bank loan.
Local Tallassee Lenders
To help you learn more about local small business lenders, here's our list of small business banks in Tallassee.
|Small Business Bank
||Recent SBA Loans
|Colonial Bank - Banking Offices- Wetumpka- Downtown
|Colonial Bank - Branch Office
|Peoples Bank - Peoples Bankline
|Peoples Bank & Trust
|People's Bank & Trust
Lenders for Tallassee Businesses
This is a list of banks outside of Tallassee, Alabama that have provided SBA loans to Tallassee businesses. Some of these may be national banks with local branch locations.
Tallassee 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 introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show how you plan to pay the money back to the bank.
Having a business plan is an important prerequisite. If the capital 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 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, the bank may ask you to 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 these banks participate in the financial assistance programs available through the SBA. Before you sit down to talk with a small business 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.
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If you are planning on Raising
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