Loan Census Banking News and Information
December 5, 2023  
  Business Loan Information  

Union Springs, Alabama Small Business Loans

Loan Census SBA Loan Info

I need a loan for my business in Union Springs, Alabama! 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 Union Springs, Alabama, we've put together a list of local small business banks that you should contact.

Local Union Springs Business Loan Sources

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

Small Business Bank Recent SBA Loans
Amerifirst Bank  
Community Bank & Trust-alabama 1

SBA Lenders for Union Springs Businesses

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

Small Business Bank Recent SBA Loans
Comerica Bank
Houston, TX

Union Springs Bank Loan Tips

Prior to reaching out to banks to get a bank 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, walk the banker through the planned use of proceeds, and show how you plan to pay the money back to the bank.

Being able to present a well-written business plan is is critically important. If the bank loan is to for a company that is already doing business, 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 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 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 are SBA lenders. 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. Advice on Raising Money

Invest the time to learn as much as you can about Raising Money. To get the ball rolling, we recommend you read Business Incubators.

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