Small Business Lenders in Fenton, Michigan

Local Fenton Business Loan Sources

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

Lenders for Fenton Businesses

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

Business Loan Advice for Fenton Businesses

Prior to reaching out to 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, describe what the money will finance, and show your ability to pay the money back to the bank.

A well-defined 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 guarantee 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 secure the business 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

Our Gaebler.com site is deeply committed to assisting entrepreneurs, and we have a lot of information pertaining to to Raising Money. For example, one article that might be of interest to you is Business Credit Evaluation.