Business Loan Selma, California

Local Selma Business Lenders

Without further adieu, here's our list of small business banks in Selma.

Lenders for Selma Businesses

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

Tips for Getting a Business Loan in Selma

As a prerequisite to contacting lenders to get a bank 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, define how the money will be used, and show how you plan to pay the loan back to the lender.

Having a business plan is essential. If the money 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 secure the business with your personal assets, such as the equity in your home. 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 the banks in our list 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

If you are new to our Gaebler.com site, you should know that we are deeply committed to supporting small business owners, and we have a lot of useful articles about to Raising Money. If raising money is on your to-do list, we would suggest you read Getting a Small Business Loan.