These materials were prepared for small business proprietors in Thornville, Ohio who are interested in getting debt financing.
Lenders for Thornville Businesses
This is a list of banks outside of Thornville, Ohio that have provided SBA loans to Thornville businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Thornville
Prior to meeting with banks for a 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 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, 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 these banks are SBA lenders. Before meeting with the banker, 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
Our Gaebler.com site is devoted to supporting entrepreneurs, and we have a
lot of useful articles about to Raising
Money. If raising money is on your to-do list, one article that might be of interest to you is How Equity Dilution Works.
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