Small Business Lenders in Terra Alta, West Virginia

Local Terra Alta Lending Resources

To help you learn more about local small business lenders, here's our list of small business banks in Terra Alta.

Other Lending Resources for Terra Alta Businesses

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

Business Loan Advice for Terra Alta Businesses

As a prerequisite to meeting with banks for a loan, you will need to develop the specifics of your loan request.

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 intend to to pay the loan back to the bank.

Having a business plan is is critically important. If the bank loan 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 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. Prior to visiting local banks, 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.

Gaebler.com Advice on Raising Money

Take the time to learn as much as you can about Raising Money. For starters, we suggest you read 504 Loans.