We wrote this article for entrepreneurs in Marion, Iowa who are interested in getting a small business loan.
Local Marion Business Loan Sources
To help you learn more about local small business lenders, here's our list of small business banks in Marion.
Small Business Bank |
Recent SBA Loans |
Commercial Federal Bank |
|
Farmers State Bank |
40 |
Guaranty Bank |
|
Heritage Bank |
|
Hills Bank and Trust Company - Banking Locations- Marion |
|
Invest Financial |
|
U S Bank - Branch Offices- Marion- Cedar Rapids Marion Office |
|
United Security Savings Bank FSB |
|
Wells Fargo Bank N A - Cedar Rapids Offices- Marion Office |
|
Wells Fargo Financial |
|
Wells Fargo Home Mortgage |
|
Lenders for Marion Businesses
This is a list of banks outside of Marion, Iowa that have provided SBA loans to Marion businesses. Some of these may be national banks with local branch locations.
Small Business Bank |
Recent SBA Loans |
Bankers Trust
Cedar Rapids, IA |
2 |
Capital One
Mclean, VA |
2 |
Cedar Rapids Bank & Trust
Cedar Rapids, IA |
9 |
City State Bank
Central City, IA |
1 |
Collins Community Cu
Cedar Rapids, IA |
3 |
Community Savings Bank
Robins, IA |
1 |
Farmers & Merchants Savings Bk
Cedar Rapids, IA |
1 |
Guaranty Bank And Trust Co.
Cedar Rapids, IA |
2 |
Hills Bank And Trust Company
Hills, IA |
1 |
State Central Bank
Keokuk, IA |
1 |
U.S. Bank National Association
Cincinnati, OH |
3 |
Wells Fargo Bank
Cedar Rapids, IA |
1 |
Wells Fargo Bank
Minneapolis, MN |
2 |
Wells Fargo Bank
San Jose, CA |
5 |
Wells Fargo Bank
Sioux Falls, SD |
2 |
Tips for Getting a Business Loan in Marion
As a prerequisite to reaching out to 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, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the bank.
A well-defined business plan is is critically important. If the capital 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 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 you sit down to talk with a small business banker, you may want to get up to speed 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
Our Gaebler.com site is all about supporting small business owners, and we have a
lot of useful articles about to Raising
Money. To learn more, we would suggest you read Borrowing Money from Friends and Family.
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