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December 23, 2024  
 
 
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Business Loan Bloomfield, Kentucky

 
Loan Census SBA Loan Info

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

This article is written specifically for entrepreneurs in Bloomfield, Kentucky who are interested in getting debt financing.

Local Bloomfield Business Lenders

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

Small Business Bank Recent SBA Loans
King Southern Bank - Bloomfield Branch  
Wilson & Muir Bank & Trust CO - Bloomfield Office  

Business Loan Providers for Bloomfield Businesses

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

Small Business Bank Recent SBA Loans
Town & Country Bank & Trust
Bardstown, KY
1
Wilson & Muir Bank & Trust
Bardstown, KY
1

Tips for Getting a Business Loan in Bloomfield

As a prerequisite to reaching out to lenders for a loan, you will need to have a specific plan.

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 intend to to pay the loan back to the lender.

A well-defined business plan is is critically important. If the capital is to for a company that is already doing 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 cash flow from the business does not meet your projections.

If the business has few assets, you will likely be asked to to guarantee the loan with your personal assets, such as the equity in your home. 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. Prior to visiting local banks, 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

If you are serious about Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review Business Incubators.

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