We wrote this article for entrepreneurs in Hillsville, Virginia who are interested in getting a small business loan.
Local Hillsville Business Lenders
Without further adieu, here's our list of small business banks in Hillsville.
Small Business Bank |
Recent SBA Loans |
Bank Of America |
|
BB & T |
|
BF Bank of Floyd |
|
Branch Bank & Trust |
1 |
Grayson National Bank |
|
Banks that Lend to Hillsville Businesses
This is a list of banks outside of Hillsville, Virginia that have provided SBA loans to Hillsville businesses. Some of these may be national banks with local branch locations.
Hillsville Business Loan Advice
As a prerequisite to meeting with lenders 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 explain your business, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the lender.
A well-defined business plan is an important prerequisite. If the loan 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 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 participate in the financial assistance programs available through the SBA. 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
Make the effort and learn as much as you can about Raising
Money. To get started, we suggest you read
504 Loans.
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