We wrote this article for small business proprietors in Cloverdale, Virginia who are interested in getting a small business loan.
Local Cloverdale Banks
Without further adieu, here's our list of small business banks in Cloverdale.
Small Business Bank |
Recent SBA Loans |
Bank of Fincastle |
|
Business Loan Providers for Cloverdale Businesses
This is a list of banks outside of Cloverdale, Virginia that have provided SBA loans to Cloverdale businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Cloverdale
As a prerequisite to meeting with banks for a loan, you will need to have a specific plan.
You need to be able to clearly introduce your business to the banker, 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 money back to the bank.
Having a business plan is is critically important. If the money 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 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 secure the business with your personal assets, such as the equity in your home. 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 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
If you are planning on Raising
Money, you need to learn as much as you can. If you haven't read it
already, we recommend you review
Bank Credit Lines.
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