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

Small Business Lenders in Wedowee, Alabama

Loan Census SBA Loan Info

Raising money in Wedowee, Alabama? If so, you'll want to talk to some of these small business lenders in Wedowee.

If you are hoping to get a small business loan and your business is based in Wedowee, Alabama, we've put together a list of local small business banks that you should contact.

Local Wedowee Business Lenders

Without further adieu, here's our list of small business banks in Wedowee.

Small Business Bank Recent SBA Loans
Bank of Wedowee - Main Office  
Bank of Wedowee - Roanoke Branch  
Bank of Wedowee - Woodland Branch  
Firststate Bank  
Small Town Bank  
Southtrust Bank  

Business Loan Providers for Wedowee Businesses

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

Small Business Bank Recent SBA Loans
Branch Bank & Trust
Winston Salem, NC

Business Loan Advice for Wedowee Businesses

Prior to meeting with banks for a loan, you will need to develop the specifics of your loan request.

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.

A well-defined business plan is an important prerequisite. If the money is to for a going concern, 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 you cannot repay the loan.

If the business has few assets, you will likely be asked to pledge your personal assets, such as your individual retirement account or pension plan. 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. Prior to visiting local banks, you may want to read up on 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

If you are serious about Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review Microlending as a Small Business Funding Source.

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