If you are planning on applying for a small business loan and your business is based in Elberton, Georgia, we've assembled a list of local small business banks that you should contact.
Local Elberton Lending Resources
To help you learn more about local small business lenders, here's our list of small business banks in Elberton.
Small Business Bank |
Recent SBA Loans |
Elberton Federal Savings & Loan Association |
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Northeast Georgia Bank |
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Pinnacle Bank |
5 |
Other Lending Resources for Elberton Businesses
This is a list of banks outside of Elberton, Georgia that have provided SBA loans to Elberton businesses. Some of these may be national banks with local branch locations.
Elberton Bank Loan Tips
As a prerequisite to contacting banks to get 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, walk the banker through the planned use of proceeds, and show your ability to pay the money back to the bank.
A well-defined business plan is essential. If the money is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know 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 pledge your personal assets, such as the equity in your home. 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. 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
If you are planning on Raising
Money, you need to get up to speed on the subject. If you haven't read it
already, we recommend you review
Business Line of Credit.
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