Loan Census Banking News and Information
December 23, 2024  
 
 
  Business Loan Information  
 

Benton, Kentucky Business Loan

 
Loan Census SBA Loan Info

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

We wrote this article for small business proprietors in Benton, Kentucky who are interested in getting debt financing.

Local Benton Banks

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

Small Business Bank Recent SBA Loans
1st Kentucky Bank  
Bank of Benton  
Firstar  
Heritage Bank  
Mercantile Bank of Kentucky  
Republic Savings Bank  
U S Bank  
Union Planters Bank - Benton Office  

Banks that Lend to Benton Businesses

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

Small Business Bank Recent SBA Loans
Business Loan Center, LLC
Washington, DC
1
Capital One
Mclean, VA
2
Innovative Bank
Oakland, CA
1
Marine Bank, Springfield
Springfield, IL
1
Paducah Bank & Trust
Paducah, KY
1
Regions Bank
Memphis, TN
1
U.S. Bank National Association
Cincinnati, OH
1

Benton Business Loan Advice

Before contacting banks to get a bank 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, define how the money will be used, and show how you intend to to pay the loan back to the bank.

Having a business plan is an important prerequisite. If the bank loan 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 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 your individual retirement account or pension plan. 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 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

Make it a priority to learn as much as you can about Raising Money. To get the ball rolling, we recommend you read Find Start-Up Capital.

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