Isle Of Palms, South Carolina Business Loan

Local Isle Of Palms Lenders

To help you learn more about local small business lenders, here's our list of small business banks in Isle Of Palms.

Lenders for Isle Of Palms Businesses

This is a list of banks outside of Isle Of Palms, South Carolina that have provided SBA loans to Isle Of Palms businesses. Some of these may be national banks with local branch locations.

Isle Of Palms Business Loan Advice

Prior to meeting with banks for a 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 intend to to pay the loan back to the bank.

A well-defined business plan is is critically important. If the bank loan is to for a going concern, you should also have financial statements covering the last three years. Bankers will also want to know 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 secure the business with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 are SBA lenders. Before you sit down to talk with a small business 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

Take the time to learn as much as you can about Raising Money. To get the ball rolling, we recommend you read Business Cash Advances.