Mill Creek, Washington Business Loan

Local Mill Creek Business Loan Sources

Without further adieu, here's our list of small business banks in Mill Creek.

SBA Lenders for Mill Creek Businesses

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

Mill Creek Business Loan Advice

Prior to reaching out to lenders to get a bank loan, you will need to have a specific plan.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, define how the money will be used, and show how you plan to pay the money back to the lender.

Having a business plan is essential. If the money is to for a going concern, you should also have financial statements covering the last three years. In addition, you should itemize 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 you cannot repay the loan.

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 the banks in our list are SBA lenders. Before meeting with the 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

If you are planning on Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review 504 Loans.