Business Loan Des Moines, Washington

Local Des Moines Lenders

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

Other Lending Resources for Des Moines Businesses

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

Tips for Getting a Business Loan in Des Moines

As a prerequisite to reaching out to 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, describe what the money will finance, and show how you plan to pay the loan back to the bank.

Having a business plan is essential. If the financing is to for a going concern, 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, the bank may ask you to to pledge 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. Prior to visiting local banks, 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 passionate about assisting small business owners, and we have a lot of useful articles about to Raising Money. For example, we would suggest you read Angel Investors.