Business Loan Ottumwa, Iowa

Raising money in Ottumwa, Iowa? If so, you'll want to talk to some of these small business lenders in Ottumwa.

This article is written specifically for entrepreneurs in Ottumwa, Iowa who are interested in getting debt financing.

Local Ottumwa Lending Resources

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

Small Business Bank	Recent SBA Loans
Central Valley Bank
Commercial Federal Bank
Hedrick Savings Bank	62
North Court Bank
Palm Desert Bank
Penn-Elm Bank
River Community Credit Union
Security First Bank
South Ottumwa Savings Bank
U S Bank - Branch Offices- Ottumwa- Ottumwa Main Office
U S Bank - Branch Offices- Ottumwa- Ottumwa North Court Office
U S Bank - Ottumwa Pickwick Office- Branch Offices- Ottumwa- Pickwick Of
Wells Fargo Bank	1

Business Loan Providers for Ottumwa Businesses

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

Small Business Bank	Recent SBA Loans
Capital One Mclean, VA	1
Hedrick Savings Bank Hedrick, IA	1
Horizon Bank Oskaloosa, IA	1
Lincoln Savings Bank Cedar Falls, IA	1
Patriot Bank Gibson, IA	1
U.S. Bank National Association Cincinnati, OH	1
Wells Fargo Bank Minneapolis, MN	2
Wells Fargo Bank San Jose, CA	4

Tips for Getting a Business Loan in Ottumwa

Before reaching out to 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 introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show how you plan to pay the money back to the bank.

A well-defined business plan is is critically important. If the financing 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, the bank may ask you to to to guarantee the loan 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 these banks participate in the financial assistance programs available through the SBA. Before you sit down to talk with a small business 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

If you are planning on Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review Realistic Debt Financing Options.

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