Business Loan Morristown, Tennessee

Local Morristown Business Lenders

To assist you in finding a small business banker, here's our list of small business banks in Morristown.

Banks that Lend to Morristown Businesses

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

Tips for Getting a Business Loan in Morristown

Before meeting with banks for a 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, walk the banker through the planned use of proceeds, and show how you intend to to pay the money back to the bank.

Being able to present a well-written business plan is an important prerequisite. If the money is to for an existing business, you should also have financial statements covering the last three years. You will also need to discuss 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, the bank may ask you to 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 participate in the financial assistance programs available through the SBA. Prior to visiting local banks, 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 passionate about supporting entrepreneurs, and we have a lot of useful articles about to Raising Money. For example, we would suggest you read 504 Loans.