Loan Census Banking News and Information
November 25, 2024  
 
 
  Business Loan Information  
 

Business Loan Booneville, Mississippi

 
Loan Census SBA Loan Info

I need a loan for my business in Booneville, Mississippi! If that's what's on your mind, you've come to the right place.

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  
Bancorpsouth - Main Office  
Farmers & Merchants Bank - Baldwyn Office  
Farmers & Merchants Bank - Booneville East  
Farmers & Merchants Bank - Booneville North  
Farmers & Merchants Bank - Dolly  
Farmers and Merchants Bank - Marietta Office  
First American National Bank  
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.

Small Business Bank Recent SBA Loans
Bancorpsouth Bank
Tupelo, MS
1
Wachovia SBA Lending, Inc.
Roseville, CA
1

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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