We wrote this article for small business owners in Valley Head, Alabama who are interested in getting debt financing.
Local Valley Head Business Loan Sources
To help you learn more about local small business lenders, here's our list of small business banks in Valley Head.
|Small Business Bank
||Recent SBA Loans
SBA Lenders for Valley Head Businesses
This is a list of banks outside of Valley Head, Alabama that have provided SBA loans to Valley Head businesses. Some of these may be national banks with local branch locations.
Valley Head Business Loan Advice
Prior to reaching out to banks to discuss getting a bank loan, you will need to determine exactly what size loan you will be asking for.
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.
Being able to present a well-written business plan is essential. If the loan is to for a company that is already doing business, you should also have financial statements covering the last three years. In addition, you should itemize what collateral you have available to guarantee 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 stocks and bonds that you might own or life insurance policies. 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 are SBA lenders. 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.
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Getting a Small Business Loan.
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