Business Loan Oscoda, Michigan

Local Oscoda Business Loan Sources

Without further adieu, here's our list of small business banks in Oscoda.

Business Loan Providers for Oscoda Businesses

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

Tips for Getting a Business Loan in Oscoda

As a prerequisite to contacting lenders 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, define how the money will be used, and show how you plan to pay the loan back to the lender.

A well-defined business plan is essential. If the loan is to for a going concern, you should also have financial statements covering the last three years. You will also need to discuss what collateral you have available to guarantee 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 look at your personal credit report 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 meeting with the banker, you may want to do your homework 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 deeply committed to helping entrepreneurs, and we have a lot of resources related to to Raising Money. If raising money is on your to-do list, one article that might be of interest to you is Borrowing Money from Friends and Family.