Small Business Lenders in Covina, California

Local Covina Lending Resources

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

SBA Lenders for Covina Businesses

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

Business Loan Advice for Covina Businesses

Prior to contacting banks to get a bank loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly explain your business, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the bank.

Being able to present a well-written business plan is an important prerequisite. If the capital 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 stocks and bonds that you might own or life insurance policies. 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 the banks in our list 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

Our Gaebler.com site is devoted to aiding entrepreneurs, and we have a lot of useful articles about to Raising Money. To learn more, one article that might be of interest to you is Borrowing Money from Friends and Family.