If you are planning on applying for a small business loan and your business is based in Trumann, Arkansas, we've put together a list of local small business banks that you should contact.
Local Trumann Banks
To assist you in finding a small business banker, here's our list of small business banks in Trumann.
|Small Business Bank
||Recent SBA Loans
|Bank of Trumann
|First Delta Bank
Other Lending Resources for Trumann Businesses
This is a list of banks outside of Trumann, Arkansas that have provided SBA loans to Trumann businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Trumann Businesses
Before meeting with banks for a 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, define how the money will be used, and show your ability to pay the money back to the bank.
A well-defined business plan is essential. 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 you cannot repay the loan.
If the business has few assets, the bank may ask you to to secure the business with your personal assets, such as the equity in your home. 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. Before meeting with the 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.
Gaebler.com Advice on Raising Money
Gaebler.com is a site that is passionate about assisting small business owners, and we have a
lot of useful articles about to Raising
Money. For example, we recommend you read Bank Credit Lines.
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