Loan Census Banking News and Information
December 24, 2024  
 
 
  Business Loan Information  
 

Business Loan Lake Placid, Florida

 
Loan Census SBA Loan Info

Small business loans in Lake Placid, Florida are available. You just need to talk to the right bank.

We wrote this article for small business owners in Lake Placid, Florida who are interested in getting a small business loan.

Local Lake Placid Lending Resources

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

Small Business Bank Recent SBA Loans
Bank Of America  
Big Lake National Bank - Lake Placid  

Banks that Lend to Lake Placid Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
3
Capital One
Mclean, VA
1

Tips for Getting a Business Loan in Lake Placid

Prior 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 how you plan to pay the loan back to the bank.

Being able to present a well-written business plan is essential. If the capital is to for an existing 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 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 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

Make the effort and learn as much as you can about Raising Money. For starters, we suggest you read 504 Loans.

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