This article is written specifically for small business proprietors in Independence, Iowa who are interested in getting a bank loan.
Local Independence Banks
To assist you in finding a small business banker, here's our list of small business banks in Independence.
Small Business Bank |
Recent SBA Loans |
Bankiowa |
3 |
Independence Federal Bank for Savings |
|
John Deere Community Credit Union - Independence |
|
Security State Bank |
1 |
Other Lending Resources for Independence Businesses
This is a list of banks outside of Independence, Iowa that have provided SBA loans to Independence businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Independence
Prior to contacting lenders to get a bank 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 plan to pay the loan back to the lender.
Having a business plan is essential. If the capital 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 you cannot repay the loan.
If the business has few assets, you will likely be asked to to guarantee the loan with your personal assets, such as your individual retirement account or pension plan. 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. 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
Take the time to learn as much as you can about Raising
Money. To get started, we suggest you read
Business Incubators.
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