Solon, Iowa Business Loan

Local Solon Business Lenders

To help you learn more about local small business lenders, here's our list of small business banks in Solon.

SBA Lenders for Solon Businesses

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

Solon Business Loan Advice

As a prerequisite 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, define how the money will be used, 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 an existing business, you should also have financial statements covering the last three years. Bankers will also want to know 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, 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 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 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

If you are new to our Gaebler.com site, you should know that we are devoted to helping small business owners, and we have a lot of information pertaining to to Raising Money. For example, one article that might be of interest to you is Angel Investors.