We wrote this article for entrepreneurs in Hurt, Virginia who are interested in getting a small business loan.
Local Hurt Business Loan Sources
To help you learn more about local small business lenders, here's our list of small business banks in Hurt.
Small Business Bank |
Recent SBA Loans |
BB & T - Branches- Hurt |
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Lenders for Hurt Businesses
This is a list of banks outside of Hurt, Virginia that have provided SBA loans to Hurt businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Hurt
As a prerequisite to contacting banks for a loan, you will need to develop the specifics of your loan request.
You need to be able to clearly explain your business, explain how much you want to borrow, describe what the money will finance, and show how you intend to to pay the loan back to the bank.
A well-defined 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. 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 pledge your personal assets, such as your individual retirement account or pension plan. 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. 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
Our Gaebler.com site is deeply committed to assisting entrepreneurs, and we have a
lot of information pertaining to to Raising
Money. If you want to learn about raising money, we recommend you read 504 Loans.
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