Cle Elum, Washington Business Loan

Local Cle Elum Business Loan Sources

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

Other Lending Resources for Cle Elum Businesses

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

Cle Elum Business Loan Advice

As a prerequisite to contacting banks to discuss getting a bank loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, define how the money will be used, and show how you intend to to pay the money back to the bank.

Being able to present a well-written business plan is is critically important. If the financing 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 secure 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 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. 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 new to our Gaebler.com site, you should know that we are passionate about assisting entrepreneurs, and we have a lot of resources related to to Raising Money. If you want to learn about raising money, we recommend you read Investor Turnoffs.