If you are hoping to get a small business loan and your business is based in Fulton, Kentucky, we've assembled a list of local small business banks that you should contact.
Local Fulton Banks
To help you learn more about local small business lenders, here's our list of small business banks in Fulton.
Small Business Bank |
Recent SBA Loans |
Citizens Branch Bank of Fulton |
|
Heritage Bank |
1 |
Reelfoot Bank |
|
Fulton Bank Loan Tips
As a prerequisite to contacting lenders 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 plan to pay the money back to the lender.
Being able to present a well-written business plan is essential. If the bank loan is to for a going concern, you should also have financial statements covering the last three years. You will also need to discuss 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 you cannot repay the loan.
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 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
Gaebler.com is a site that is devoted to supporting entrepreneurs, and we have a
lot of useful articles about to Raising
Money. If raising money is on your to-do list, we recommend you read 504 Loans.
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