Business Loan Lufkin, Texas

Local Lufkin Banks

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

Banks that Lend to Lufkin Businesses

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

Tips for Getting a Business Loan in Lufkin

As a prerequisite to meeting with banks to discuss getting 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, describe what the money will finance, and show your ability to pay the loan back to the bank.

Having a business plan is an important prerequisite. If the financing 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, you will likely be asked to secure the business with 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 these banks 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.

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