Small Business Lenders in Magnolia, Mississippi

Local Magnolia Business Loan Sources

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

Banks that Lend to Magnolia Businesses

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

Business Loan Advice for Magnolia Businesses

Prior to reaching out to banks to discuss getting 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, walk the banker through the planned use of proceeds, and show how you intend to to pay the loan back to the bank.

Being able to present a well-written business plan is an important prerequisite. If the bank loan is to for an existing business, 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, the bank may ask you to 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 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.

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Take the time to learn as much as you can about Raising Money. To get started, we suggest you read Angel Investors.