We wrote this article for small business proprietors in Morganfield, Kentucky who are interested in getting debt financing.
Local Morganfield Lending Resources
To assist you in finding a small business banker, here's our list of small business banks in Morganfield.
Small Business Bank |
Recent SBA Loans |
ATM USA |
|
Citizens Bank of Kentucky |
|
Integra Bank |
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Old National |
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United Community Bank |
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Lenders for Morganfield Businesses
This is a list of banks outside of Morganfield, Kentucky that have provided SBA loans to Morganfield businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Morganfield
Prior to 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 explain your business, explain how much you want to borrow, describe what the money will finance, and show how you intend to to pay the loan back to the bank.
Having a business plan is an important prerequisite. If the bank loan 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 to guarantee the loan with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 are SBA lenders. 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
If you are new to our Gaebler.com site, you should know that we are all about 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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