Flomaton, Alabama Small Business Loans

Local Flomaton Lending Resources

Without further adieu, here's our list of small business banks in Flomaton.

SBA Lenders for Flomaton Businesses

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

Flomaton Bank Loan Tips

Prior to meeting with banks for a 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 how you intend to to pay the money back to the bank.

Having a business plan is essential. If the financing is to for a company that is already doing business, you should also have financial statements covering the last three years. Bankers will also want to know 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 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 the banks in our list are SBA lenders. Prior to visiting local banks, you may want to read up on 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 supporting entrepreneurs, and we have a lot of resources related to to Raising Money. For example, we would suggest you read Getting a Small Business Loan.