If you are hoping to get a small business loan and your business is based in Cleveland, Mississippi, we've assembled a list of local small business banks that you should contact.
Local Cleveland Lending Resources
To assist you in finding a small business banker, here's our list of small business banks in Cleveland.
Small Business Bank |
Recent SBA Loans |
Cleveland Community Bank |
|
Cleveland State Bank - Main Office |
|
Cleveland State Bank - Merigold Branch |
|
Cleveland State Bank - Sharpe Avenue Branch |
|
Guaranty Bank & Trust |
|
M & F Bank |
|
Merchants & Farmers Bank |
1 |
Planters Bank & Trust Company |
|
Regions Bank |
1 |
State Bank & Trust CO |
|
The Cleveland State Bank |
|
SBA Lenders for Cleveland Businesses
This is a list of banks outside of Cleveland, Mississippi that have provided SBA loans to Cleveland businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Cleveland Businesses
Prior to contacting banks to get 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, describe what the money will finance, and show your ability to pay the loan back to the bank.
A well-defined business plan is essential. If the money is to for an existing business, 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 your individual retirement account or pension plan. 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 participate in the financial assistance programs available through the SBA. 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
Take the time to learn as much as you can about Raising
Money. For starters, we suggest you read
Business Line of Credit.
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