If you are hoping to get a small business loan and your business is based in Kilmarnock, Virginia, we've assembled a list of local small business banks that you should contact.
Local Kilmarnock Business Lenders
To assist you in finding a small business banker, here's our list of small business banks in Kilmarnock.
Lenders for Kilmarnock Businesses
This is a list of banks outside of Kilmarnock, Virginia that have provided SBA loans to Kilmarnock businesses. Some of these may be national banks with local branch locations.
Kilmarnock Bank Loan Tips
Prior to reaching out to 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, describe what the money will finance, and show your ability to pay the loan back to the bank.
Having a business plan is is critically important. If the financing 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 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, the bank may ask you to to pledge 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. 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
Gaebler.com is a site that is deeply committed to helping small business owners, and we have a
lot of information pertaining to to Raising
Money. For example, we recommend you read Bank Credit Lines.
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