Odebolt, Iowa Small Business Loans

Local Odebolt Lending Resources

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

Banks that Lend to Odebolt Businesses

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

Odebolt Bank Loan Tips

As a prerequisite to contacting banks to discuss getting a bank loan, you will need to have a specific plan.

You need to be able to clearly explain your business, explain how much you want to borrow, define how the money will be used, and show how you plan to pay the loan back to the bank.

Being able to present a well-written business plan is is critically important. If the bank loan is to for a going concern, 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 you cannot repay the loan.

If the business has few assets, you will likely be asked to to guarantee the loan 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. Before meeting with the 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.

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Our Gaebler.com site is 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 Angel Investors.