Small Business Lenders in Independence, Ohio

Local Independence Business Loan Sources

Without further adieu, here's our list of small business banks in Independence.

SBA Lenders for Independence Businesses

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

Business Loan Advice for Independence Businesses

Before reaching out to banks for a 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, 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 essential. If the loan is to for an existing business, 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, the bank may ask you to 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 are SBA lenders. 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 dedicated to helping small business owners, and we have a lot of resources related to to Raising Money. For example, we would suggest you read Choosing VC Firms.