Collinsville, Mississippi Small Business Loans

Local Collinsville Business Lenders

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

Other Lending Resources for Collinsville Businesses

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

Collinsville Bank Loan Tips

Before contacting 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, 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 essential. If the capital is to for a going concern, you should also have financial statements covering the last three years. In addition, you should itemize 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 you cannot repay the loan.

If the business has few assets, you will likely be asked to secure the business with 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 these banks 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 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

Our Gaebler.com site is deeply committed to aiding small business owners, and we have a lot of useful articles about to Raising Money. If you want to learn about raising money, we would suggest you read 504 Loans.