Lyman, Utah Business Loan

SBA Lenders for Lyman Businesses

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

Lyman Business Loan Advice

As a prerequisite to meeting with lenders 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, describe what the money will finance, and show how you intend to to pay the loan back to the lender.

Being able to present a well-written business plan is essential. If the capital is to for a going concern, you should also have financial statements covering the last three years. Bankers will also want to know 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 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 these banks participate in the financial assistance programs available through the SBA. Prior to visiting local banks, 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 serious about Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review How Equity Dilution Works.