O'fallon, Missouri Small Business Loans

Local O'fallon Business Lenders

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

SBA Lenders for O'fallon Businesses

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

O'fallon Bank Loan Tips

Prior to contacting banks to discuss getting 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 essential. If the money is to for a company that is already doing business, you should also have financial statements covering the last three years. In addition, you should itemize 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 secure the business with 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 are SBA lenders. Prior to visiting local banks, 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 dedicated to providing advice to entrepreneurs, and we have a lot of resources related to to Raising Money. To learn more, we would suggest you read Business Cash Advances.