Loan Census Banking News and Information
March 29, 2024  
 
 
  Business Loan Information  
 

Small Business Lenders in Wake Village, Texas

 
Loan Census SBA Loan Info

Getting a business loan in Wake Village, Texas 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 Wake Village, Texas, we've assembled a list of local small business banks that you should contact.

Other Lending Resources for Wake Village Businesses

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

Small Business Bank Recent SBA Loans
Newtek Small Business Finance Inc.
New York, NY
1
Wells Fargo Bank
San Jose, CA
1

Business Loan Advice for Wake Village Businesses

As a prerequisite to contacting 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, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the bank.

Having a business plan is is critically important. If the money 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 pledge 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 these banks 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 504 Loans.

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