Spencer, Indiana Small Business Loans

Local Spencer Lenders

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

SBA Lenders for Spencer Businesses

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

Spencer Bank Loan Tips

As a prerequisite to meeting with banks for a 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, walk the banker through the planned use of proceeds, and show how you intend to to pay the money back to the bank.

Being able to present a well-written business plan is is critically important. If the bank 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, the bank may ask you to to pledge 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 the banks in our list participate in the financial assistance programs available through the SBA. Prior to visiting local banks, you may want to get up to speed 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

Gaebler.com is a site that is dedicated to aiding entrepreneurs, and we have a lot of useful articles about to Raising Money. For example, we recommend you read Business Credit Evaluation.