Loan Census Banking News and Information
May 5, 2021  
 
 
  Business Loan Information  
 

Small Business Lenders in Theodore, Alabama

 
Loan Census SBA Loan Info

Getting a business loan in Theodore, Alabama seems challenging at first, but we're here to help you get started.

If you are planning on applying for a small business loan and your business is based in Theodore, Alabama, we've assembled a list of local small business banks that you should contact.

Local Theodore Lenders

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

Small Business Bank Recent SBA Loans
Bay Bank  
Colonial Bank  
Regions Bank - Branch Offices- Hamilton Road Office Winn Dixie Marketp  

SBA Lenders for Theodore Businesses

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

Small Business Bank Recent SBA Loans
Banktrust
Mobile, AL
1
Business Loan Center, LLC
New York, NY
3
Business Loan Center, LLC
Panama City Beach, FL
3
Capital One
Mclean, VA
1
Cit Small Business Lending Corp
Livingston, NJ
2
Colonial Bank
Mobile, AL
1
Compass Bank
Birmingham, AL
4
Newtek Small Business Finance Inc.
New York, NY
1
Regions Bank
Atlanta, GA
1
United Bank
Atmore, AL
1
Wachovia SBA Lending, Inc.
Roseville, CA
2
Wells Fargo Bank
San Jose, CA
1
Whitney National Bank
New Orleans, LA
1

Business Loan Advice for Theodore Businesses

Prior to reaching out to banks to discuss getting a bank 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.

A well-defined business plan is is critically important. If the loan is to for a going concern, you should also have financial statements covering the last three years. In addition, you should itemize 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 to guarantee the loan 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. Before you sit down to talk with a small business banker, 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. To get the ball rolling, we recommend you read Getting a Small Business Loan.

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