Dayton, Virginia Business Loan

Local Dayton Lending Resources

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

Banks that Lend to Dayton Businesses

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

Dayton Business Loan Advice

Prior to meeting with banks to discuss getting a bank 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, define how the money will be used, and show how you plan to pay the money back to the bank.

Having a business plan is is critically important. If the money 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 pledge your personal assets, such as the equity in your home. 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. Before meeting with the 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

Gaebler.com is a site that is all about helping entrepreneurs, and we have a lot of resources related to to Raising Money. For example, we recommend you read 504 Loans.