Loan Census Banking News and Information
August 5, 2021  
 
 
  Business Loan Information  
 

Winfield, Alabama Business Loan

 
Loan Census SBA Loan Info

Getting a business loan in Winfield, Alabama seems challenging at first, but we're here to help you get started.

This article is written specifically for small business owners in Winfield, Alabama who are interested in getting a bank loan.

Local Winfield Business Lenders

To help you learn more about local small business lenders, here's our list of small business banks in Winfield.

Small Business Bank Recent SBA Loans
Bank-Citizens Bank of Winfield  
First St. Bank - South Inc. 2
First State Bank of Winfield  
State Bank & Trust 2

Lenders for Winfield Businesses

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

Small Business Bank Recent SBA Loans
Business Loan Center, LLC
Panama City Beach, FL
1
Capital One
Mclean, VA
1

Winfield Business Loan Advice

Prior to meeting with lenders to get 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 plan to pay the loan back to the lender.

Being able to present a well-written business plan is is critically important. If the money 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 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, the bank may ask you to 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 the banks in our list 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 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

Take the time to learn as much as you can about Raising Money. For starters, we recommend you read Choosing VC Firms.

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