We wrote this article for small business owners in Winthrop, Arkansas who are interested in getting a bank loan.
Local Winthrop Business Lenders
Without further adieu, here's our list of small business banks in Winthrop.
|Small Business Bank
||Recent SBA Loans
|U P Little River
SBA Lenders for Winthrop Businesses
This is a list of banks outside of Winthrop, Arkansas that have provided SBA loans to Winthrop businesses. Some of these may be national banks with local branch locations.
Winthrop 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, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the lender.
Being able to present a well-written business plan is essential. If the financing is to for an existing business, you should also have financial statements covering the last three years. You will also need to discuss 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 secure the business with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 participate in the financial assistance programs available through the SBA. Before meeting with the 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
Make it a priority to learn as much as you can about Raising
Money. To get started, we recommend you read
Getting a Small Business Loan.
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