Phelan, California Small Business Loans

Local Phelan Banks

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

Other Lending Resources for Phelan Businesses

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

Phelan Bank Loan Tips

Prior to contacting banks to get 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, walk the banker through the planned use of proceeds, and show your ability to pay the loan back to the bank.

Being able to present a well-written business plan is an important prerequisite. If the loan 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, the bank may ask you to to to guarantee the loan with your personal assets, such as the equity in your home. 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 participate in the financial assistance programs available through the SBA. Before meeting with the banker, 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

Gaebler.com is a site that is passionate about providing advice to small business owners, and we have a lot of resources related to to Raising Money. To learn more, we recommend you read Getting a Small Business Loan.