We wrote this article for small business proprietors in Colma, California who are interested in getting a bank loan.
Other Lending Resources for Colma Businesses
This is a list of banks outside of Colma, California that have provided SBA loans to Colma businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Colma
Before 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, describe what the money will finance, and show your ability to pay the money back to the bank.
Having a business plan is essential. If the loan 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 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 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 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
Gaebler.com is a site that is deeply committed to assisting small business owners, and we have a
lot of resources related to to Raising
Money. For example, we would suggest you read Borrowing Money from Friends and Family.
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