This article is written specifically for small business proprietors in Sparta, Wisconsin who are interested in getting a bank loan.
Local Sparta Lenders
To assist you in finding a small business banker, here's our list of small business banks in Sparta.
Banks that Lend to Sparta Businesses
This is a list of banks outside of Sparta, Wisconsin that have provided SBA loans to Sparta businesses. Some of these may be national banks with local branch locations.
Sparta Business Loan Advice
Before meeting with banks to get a bank loan, you will need to develop the specifics of your loan request.
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 intend to 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. You will also need to discuss 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 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 your individual retirement account or pension plan. 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. 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.
Gaebler.com Advice on Raising Money
If you are planning on Raising
Money, you need to educate yourself. If you haven't read it
already, we recommend you review
Angel Investors.
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