Business Loan Selma, Texas

Local Selma 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, Texas 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

Prior to contacting banks for a loan, you will need to have a specific plan.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show how you plan to pay the money back to the bank.

Having a business plan is an important prerequisite. If the capital 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 guarantee the loan. Collateral is relevant because banks always want to be prepared for a worst-case scenario in which you cannot repay the loan.

If the business has few assets, the bank may ask you to to to guarantee the loan with 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 these banks participate in the financial assistance programs available through the SBA. Before you sit down to talk with a small business banker, you may want to do your homework 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 all about helping entrepreneurs, and we have a lot of useful articles about to Raising Money. If raising money is on your to-do list, one article that might be of interest to you is 504 Loans.