Lexington, Virginia Small Business Loans

Local Lexington Business Lenders

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

Banks that Lend to Lexington Businesses

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

Lexington Bank Loan Tips

Before reaching out to banks to get a bank loan, you will need to develop the specifics of your loan request.

You need to be able to clearly explain your business, explain how much you want to borrow, define how the money will be used, and show how you plan to pay the loan back to the bank.

A well-defined 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 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 to guarantee the loan with your personal assets, such as your individual retirement account or pension plan. 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 do your homework 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 devoted to providing advice to entrepreneurs, and we have a lot of resources related to to Raising Money. If raising money is on your to-do list, one article that might be of interest to you is Business Incubators.