Verona, Mississippi Small Business Loans

Other Lending Resources for Verona Businesses

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

Verona Bank Loan Tips

As a prerequisite to meeting with banks to get a bank loan, you will need to have a specific plan.

You need to be able to clearly explain your business, explain how much you want to borrow, define how the money will be used, and show your ability to pay the loan back to the bank.

Having a business plan is an important prerequisite. If the financing 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 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 these banks are SBA lenders. Prior to visiting local banks, 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

Our Gaebler.com site is all about supporting small business owners, and we have a lot of resources related to to Raising Money. If raising money is on your to-do list, we would suggest you read Attracting Investors.