Loan Census Banking News and Information
November 14, 2024  
 
 
  Business Loan Information  
 

Small Business Lenders in Cambridge City, Indiana

 
Loan Census SBA Loan Info

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

If you are hoping to get a small business loan and your business is based in Cambridge City, Indiana, we've assembled a list of local small business banks that you should contact.

Local Cambridge City Lenders

To assist you in finding a small business banker, here's our list of small business banks in Cambridge City.

Small Business Bank Recent SBA Loans
First Bank Richmond - Cambridge City Branch  
Mainsource Bank  
Wayne Bank And Trust Co. 11

Lenders for Cambridge City Businesses

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

Small Business Bank Recent SBA Loans
Main Source Bank
Centerville, IN
2
Stearns Bank
Saint Cloud, MN
1
U.S. Bank National Association
Cincinnati, OH
1
Wayne Bank And Trust Co.
Richmond, IN
1

Business Loan Advice for Cambridge City Businesses

Prior to meeting with banks 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, define how the money will be used, and show how you plan to pay the loan back to the bank.

Being able to present a well-written business plan is is critically important. If the bank loan is to for a going concern, you should also have financial statements covering the last three years. Bankers will also want to know 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 stocks and bonds that you might own or life insurance policies. 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. Before meeting with the 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 the effort and learn as much as you can about Raising Money. To get the ball rolling, we recommend you read Business Credit Evaluation.

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