Loan Census Banking News and Information
December 22, 2024  
 
 
  Business Loan Information  
 

Small Business Lenders in Highland Park, Michigan

 
Loan Census SBA Loan Info

Getting a business loan in Highland Park, Michigan seems challenging at first, but we're here to help you get started.

If you are looking for a small business loan and your business is based in Highland Park, Michigan, we've put together a list of local small business banks that you should contact.

Local Highland Park Business Lenders

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

Small Business Bank Recent SBA Loans
Best Bank  
Bestbank  
Charter One Bank - Branch Locations- Highland Park  

Banks that Lend to Highland Park Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
1
Business Loan Center, LLC
New York, NY
2
Detroit Commerce Bank
Detroit, MI
1
Innovative Bank
Oakland, CA
1
Jpmorgan Chase Bank
Houston, TX
6
Rbs Citizens
Cleveland, OH
1
Rbs Citizens
Providence, RI
11
The Huntington National Bank
Canton, OH
1
The Huntington National Bank
Zanesville, OH
1

Business Loan Advice for Highland Park Businesses

Before reaching out to banks to get 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, walk the banker through the planned use of proceeds, and show how you intend to to pay the loan back to the bank.

Being able to present a well-written business plan is is critically important. If the 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 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 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 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

Make the effort and learn as much as you can about Raising Money. To get started, we recommend you read Borrowing Money from Friends and Family.

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