Small Business Lenders in Royal Oak, Michigan

Getting a business loan in Royal Oak, Michigan seems challenging at first, but we're here to help you get started.

If you are looking for a small business loan and your business is based in Royal Oak, Michigan, we've assembled a list of local small business banks that you should contact.

Local Royal Oak Business Loan Sources

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

Small Business Bank	Recent SBA Loans
A-M-B Business Supply
Bank One - Kroger
Charter One Bank
Citizens Bank
Fifth Third Bank
Franklin Bank
Huntington National Bank - Banking

Other Lending Resources for Royal Oak Businesses

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

Small Business Bank	Recent SBA Loans
Bank Of Michigan Farmington Hills, MI	1
Business Loan Center, LLC New York, NY	1
Business Loan Center, LLC Richmond, VA	1
California Bank & Trust Sacramento, CA	1
Capital One Mclean, VA	7
Cit Small Business Lending Corp Livingston, NJ	1
Citizens Bank Flint, MI	4
Citizens Bank Lansing, MI	2
Comerica Bank Dallas, TX	5
Community Shores Bank Muskegon, MI	1
Community So. Bank D.b.a Commun Knoxville, TN	1
Fifth Third Bank Grand Rapids, MI	3
Ge Cap. Small Business Finan Corp St. Louis, MO	1
Innovative Bank Oakland, CA	1
Jpmorgan Chase Bank Houston, TX	9
Keybank National Association Cleveland, OH	2
Lasalle Bank Midwest Lansing, MI	1
National City Bank Bannockburn, IL	19
National City Bank Cleveland, OH	10
Paramount Bank Farmington Hills, MI	1
Peoples State Bank Hamtramck, MI	2
Rbs Citizens Cleveland, OH	2
Rbs Citizens Providence, RI	30
The Huntington National Bank Columbus, OH	3
Washington Mutual Bank Henderson, NV	2
Wells Fargo Bank San Jose, CA	1

Business Loan Advice for Royal Oak Businesses

Prior to contacting lenders to discuss getting 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, walk the banker through the planned use of proceeds, and show how you intend to to pay the loan back to the lender.

Being able to present a well-written business plan is is critically important. If the bank 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 pledge 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 participate in the financial assistance programs available through the SBA. 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

If you are serious about Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review 504 Loans.

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