If you are hoping to get a small business loan and your business is based in Primghar, Iowa, we've assembled a list of local small business banks that you should contact.
Local Primghar Lending Resources
To assist you in finding a small business banker, here's our list of small business banks in Primghar.
Small Business Bank |
Recent SBA Loans |
First National Bank |
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Savings Bank |
5 |
Banks that Lend to Primghar Businesses
This is a list of banks outside of Primghar, Iowa that have provided SBA loans to Primghar businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Primghar Businesses
Prior to meeting with banks for a 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 how you plan to pay the loan back to the bank.
A well-defined business plan is an important prerequisite. If the money is to for a going concern, 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, you will likely be asked to pledge your personal assets, such as the equity in your home. 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. Prior to visiting local banks, 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
If you are serious about Raising
Money, you need to educate yourself. If you haven't read it
already, we recommend you review
504 Loans.
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