We wrote this article for small business proprietors in Pomeroy, Ohio who are interested in getting a bank loan.
Other Lending Resources for Pomeroy Businesses
This is a list of banks outside of Pomeroy, Ohio that have provided SBA loans to Pomeroy businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Pomeroy
Before contacting lenders for a 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 your ability to pay the loan back to the lender.
Having a 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 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 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 are SBA lenders. 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.
Gaebler.com Advice on Raising Money
Take the time to learn as much as you can about Raising
Money. To get the ball rolling, we recommend you read
504 Loans.
More Business Loan Info for Ohio
Get a Business Loan in Piqua
Get a Business Loan in Port Clinton
Browse All Business Loan Sources for Ohio