We wrote this article for small business proprietors in Malta, Idaho who are interested in getting debt financing.
Business Loan Providers for Malta Businesses
This is a list of banks outside of Malta, Idaho that have provided SBA loans to Malta businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Malta
Prior to meeting with banks to get 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, define how the money will be used, and show your ability to pay the loan back to the bank.
Having a business plan is an important prerequisite. 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 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 pledge your personal assets, such as the equity in your home. The banks will look at your personal credit report 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 are SBA lenders. 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.
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