Small Business Lenders in Grosse Pointe Farms, Michigan

Local Grosse Pointe Farms Business Lenders

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

Business Loan Providers for Grosse Pointe Farms Businesses

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

Business Loan Advice for Grosse Pointe Farms Businesses

Prior to reaching out to banks to discuss getting a bank loan, you will need to determine exactly what size loan you will be asking for.

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 an important prerequisite. If the capital is to for a going concern, 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, you will likely be asked to to guarantee the loan with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 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

Make it a priority to learn as much as you can about Raising Money. For starters, we recommend you read Business Cash Advances.