Sloan, Iowa Small Business Loans

Local Sloan Banks

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

SBA Lenders for Sloan Businesses

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

Sloan Bank Loan Tips

As a prerequisite to reaching out to lenders to discuss getting a bank loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, define how the money will be used, and show your ability to pay the money back to the lender.

A well-defined business plan is essential. If the loan 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 secure the business with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 are SBA lenders. Before you sit down to talk with a small business 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.

Gaebler.com Advice on Raising Money

Our Gaebler.com site is dedicated to supporting small business owners, and we have a lot of information pertaining to to Raising Money. To learn more, we would suggest you read Getting a Small Business Loan.