Magnolia, North Carolina Business Loan

SBA Lenders for Magnolia Businesses

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

Magnolia Business Loan Advice

As a prerequisite to meeting with lenders 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 lender.

Being able to present a well-written business plan is is critically important. If the money 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, you will likely be asked to pledge 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 the banks in our list participate in the financial assistance programs available through the SBA. Before you sit down to talk with a small business 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

Gaebler.com is a site that is deeply committed to supporting entrepreneurs, and we have a lot of resources related to to Raising Money. If you want to learn about raising money, one article that might be of interest to you is 504 Loans.