Lake Leelanau, Michigan Small Business Loans

Local Lake Leelanau Lending Resources

To assist you in finding a small business banker, here's our list of small business banks in Lake Leelanau.

Lenders for Lake Leelanau Businesses

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

Lake Leelanau Bank Loan Tips

As a prerequisite to contacting banks to get a bank 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, walk the banker through the planned use of proceeds, and show your ability to pay the loan back to the bank.

Having a business plan is an important prerequisite. If the bank loan is to for a going concern, 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 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 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 participate in the financial assistance programs available through the SBA. Before meeting with the 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

If you are new to our Gaebler.com site, you should know that we are deeply committed to aiding small business owners, and we have a lot of information pertaining to to Raising Money. For example, we would suggest you read Find Start-Up Capital.