If you are planning on applying for a small business loan and your business is based in South Hill, Virginia, we've assembled a list of local small business banks that you should contact.
Local South Hill Lenders
To assist you in finding a small business banker, here's our list of small business banks in South Hill.
Small Business Bank |
Recent SBA Loans |
Atm USA LLC |
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BB & T |
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Benchmark Community Bank |
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Citizens Community Bank |
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Community National Bank |
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First Citizens Bank - Offices- South Hill Main & ATM Location |
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First Virginia Bank-Colonial |
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Business Loan Providers for South Hill Businesses
This is a list of banks outside of South Hill, Virginia that have provided SBA loans to South Hill businesses. Some of these may be national banks with local branch locations.
South Hill Bank Loan Tips
As a prerequisite to reaching out to banks to get 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, describe what the money will finance, and show how you intend to to pay the loan back to the bank.
A well-defined business plan is essential. If the 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 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 secure the business with your personal assets, such as your individual retirement account or pension plan. 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 the banks in our list are SBA lenders. Prior to visiting local banks, 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.
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