Foley, Alabama Business Loan

Local Foley Lenders

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

Other Lending Resources for Foley Businesses

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

Foley Business Loan Advice

Prior to meeting with banks for a 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, define how the money will be used, and show how you intend to to pay the loan back to the bank.

A well-defined business plan is an important prerequisite. If the bank loan is to for a company that is already doing business, 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 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 meeting with the 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

Gaebler.com is a site that is dedicated to assisting small business owners, and we have a lot of resources related to to Raising Money. For example, we would suggest you read Getting a Small Business Loan.