Cherokee Village, Arkansas Small Business Loans

Local Cherokee Village Business Loan Sources

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

Banks that Lend to Cherokee Village Businesses

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

Cherokee Village Bank Loan Tips

Before meeting with banks to discuss getting 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, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the bank.

A well-defined 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 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, the bank may ask you to to pledge your personal assets, such as your individual retirement account or pension plan. 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 you sit down to talk with a small business banker, you may want to read up on 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

Gaebler.com is a site that is devoted to aiding small business owners, and we have a lot of resources related to to Raising Money. If raising money is on your to-do list, we recommend you read Getting a Small Business Loan.