If you are hoping to get a small business loan and your business is based in Richland, Missouri, we've assembled a list of local small business banks that you should contact.
Local Richland Lending Resources
Without further adieu, here's our list of small business banks in Richland.
Small Business Bank |
Recent SBA Loans |
Bank Of America |
|
Bank Of Crocker |
2 |
First State Bank |
|
Banks that Lend to Richland Businesses
This is a list of banks outside of Richland, Missouri that have provided SBA loans to Richland businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Richland Businesses
Prior to meeting with banks to get a bank 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 how you plan to pay the loan back to the bank.
Being able to present a well-written business plan is is critically important. 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 secure the business 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 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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