Farmington Hills, Michigan Business Loan

Local Farmington Hills Business Lenders

To help you learn more about local small business lenders, here's our list of small business banks in Farmington Hills.

Business Loan Providers for Farmington Hills Businesses

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

Farmington Hills Business Loan Advice

Before meeting with 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 introduce your business to the banker, explain how much you want to borrow, describe what the money will finance, and show how you intend to to pay the money back to the bank.

A well-defined business plan is an important prerequisite. If the financing 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, 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 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

Our Gaebler.com site is dedicated to providing advice to small business owners, and we have a lot of information pertaining to to Raising Money. If raising money is on your to-do list, one article that might be of interest to you is Business Incubators.