This article is written specifically for entrepreneurs in New Lexington, Ohio who are interested in getting a small business loan.
Local New Lexington Lending Resources
To assist you in finding a small business banker, here's our list of small business banks in New Lexington.
Small Business Bank |
Recent SBA Loans |
Century National Bank |
|
Business Loan Providers for New Lexington Businesses
This is a list of banks outside of New Lexington, Ohio that have provided SBA loans to New Lexington businesses. Some of these may be national banks with local branch locations.
New Lexington Business Loan Advice
Before reaching out to banks to get a bank loan, you will need to develop the specifics of your loan request.
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 your ability to pay the loan back to the bank.
A well-defined business plan is is critically important. If the loan is to for a company that is already doing 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 cash flow from the business does not meet your projections.
If the business has few assets, you will likely be asked to pledge your personal assets, such as your individual retirement account or pension plan. 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
If you are serious about Raising
Money, you need to educate yourself. If you haven't read it
already, we recommend you review
Angel Investors.
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