If you are planning on applying for a small business loan and your business is based in Plymouth, Ohio, we've assembled a list of local small business banks that you should contact.
Local Plymouth Lenders
To assist you in finding a small business banker, here's our list of small business banks in Plymouth.
Small Business Bank |
Recent SBA Loans |
First National Bank of Shelby - Drive In- Plymouth Offices |
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First National Bank of Shelby-Plymouth - Branch |
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Other Lending Resources for Plymouth Businesses
This is a list of banks outside of Plymouth, Ohio that have provided SBA loans to Plymouth businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Plymouth Businesses
Before meeting with banks for a 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, define how the money will be used, and show how you plan to pay the money back to the bank.
Having a business plan is an important prerequisite. If the loan is to for a going concern, you should also have financial statements covering the last three years. Bankers will also want to know 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 to guarantee the loan 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 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.
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