These materials were prepared for small business proprietors in Monticello, Utah who are interested in getting a bank loan.
Local Monticello Banks
To help you learn more about local small business lenders, here's our list of small business banks in Monticello.
Small Business Bank |
Recent SBA Loans |
Wells Fargo Bank NA - Monticello Office |
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Zions Bank Residential Mortgage Department |
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Lenders for Monticello Businesses
This is a list of banks outside of Monticello, Utah that have provided SBA loans to Monticello businesses. Some of these may be national banks with local branch locations.
Monticello Business Loan Advice
Before meeting with banks to get a bank loan, you will need to determine exactly what size loan you will be asking for.
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 your ability to pay the money back to the bank.
Having a business plan is essential. If the loan is to for a company that is already doing 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 you cannot repay the loan.
If the business has few assets, you will likely be asked to pledge your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 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
Our Gaebler.com site is devoted to assisting entrepreneurs, and we have a
lot of useful articles about to Raising
Money. For example, one article that might be of interest to you is Getting a Small Business Loan.
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