Business Loan Harrisonburg, Virginia

Local Harrisonburg Business Loan Sources

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

Lenders for Harrisonburg Businesses

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

Tips for Getting a Business Loan in Harrisonburg

Before 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 explain your business, explain how much you want to borrow, define how the money will be used, and show how you plan to pay the loan back to the bank.

Having a business plan is is critically important. If the bank loan is to for an existing business, you should also have financial statements covering the last three years. You will also need to discuss 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 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 are SBA lenders. Before meeting with the banker, 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

Our Gaebler.com site is all about helping entrepreneurs, and we have a lot of resources related to to Raising Money. If raising money is on your to-do list, we recommend you read Getting a Small Business Loan.