We wrote this article for small business proprietors in Hillsboro, Ohio who are interested in getting a bank loan.
Local Hillsboro Lending Resources
Without further adieu, here's our list of small business banks in Hillsboro.
Business Loan Providers for Hillsboro Businesses
This is a list of banks outside of Hillsboro, Ohio that have provided SBA loans to Hillsboro businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Hillsboro
As a prerequisite to meeting with lenders for a loan, you will need to have a specific plan.
You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show how you plan to pay the money back to the lender.
Having a business plan is an important prerequisite. If the financing 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 cash flow from the business does not meet your projections.
If the business has few assets, the bank may ask you to to to guarantee the loan with your personal assets, such as the equity in your home. The banks will look at your personal credit report 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
Take the time to learn as much as you can about Raising
Money. To get the ball rolling, we suggest you read
Business Credit Evaluation.
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