Muskegon, Michigan Small Business Loans

Local Muskegon Banks

To help you learn more about local small business lenders, here's our list of small business banks in Muskegon.

SBA Lenders for Muskegon Businesses

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

Muskegon Bank Loan Tips

Before contacting 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, define how the money will be used, and show how you intend to to pay the money back to the bank.

A well-defined business plan is an important prerequisite. 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 you cannot repay the loan.

If the business has few assets, the bank may ask you to to pledge 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 you sit down to talk with a small business banker, you may want to read up on 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 assisting entrepreneurs, and we have a lot of useful articles about to Raising Money. If you want to learn about raising money, we would suggest you read Business Incubators.