We wrote this article for entrepreneurs in Booneville, Mississippi who are interested in getting debt financing.
Local Booneville Banks
To help you learn more about local small business lenders, here's our list of small business banks in Booneville.
Small Business Bank |
Recent SBA Loans |
Bancorpsouth - Crossridge Branch |
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Bancorpsouth - Main Office |
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Farmers & Merchants Bank - Baldwyn Office |
|
Farmers & Merchants Bank - Booneville East |
|
Farmers & Merchants Bank - Booneville North |
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Farmers & Merchants Bank - Dolly |
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Farmers and Merchants Bank - Marietta Office |
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First American National Bank |
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Renasant Bank |
|
Banks that Lend to Booneville Businesses
This is a list of banks outside of Booneville, Mississippi that have provided SBA loans to Booneville businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Booneville
As a prerequisite to contacting banks for a 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 intend to to pay the loan back to the bank.
A well-defined business plan is an important prerequisite. If the 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 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 pledge 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 are SBA lenders. 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
Make it a priority to learn as much as you can about Raising
Money. To get started, we recommend you read
How Much Venture Capital Is There?.
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