We wrote this article for entrepreneurs in Elkhorn City, Kentucky who are interested in getting a small business loan.
Local Elkhorn City Business Loan Sources
Without further adieu, here's our list of small business banks in Elkhorn City.
Small Business Bank |
Recent SBA Loans |
BB & T - Offices- Ferrells Creek |
|
Community Trust Bank - Elkhorn City Office |
|
Community Trust Bank - Marrowbone Office |
|
U S Bank - Branch Offices- Elkhorn City- Elkhorn City Office |
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Other Lending Resources for Elkhorn City Businesses
This is a list of banks outside of Elkhorn City, Kentucky that have provided SBA loans to Elkhorn City businesses. Some of these may be national banks with local branch locations.
Elkhorn City Business Loan Advice
As a prerequisite to contacting banks to discuss getting a bank loan, you will need to have a specific plan.
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 intend to to pay the loan back to the bank.
A well-defined business plan is is critically important. If the money 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 guarantee 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 to guarantee the loan with 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 the banks in our list 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 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
Take the time to learn as much as you can about Raising
Money. For starters, we recommend you read
Attracting Investors.
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