If you are planning on applying for a small business loan and your business is based in Traer, Iowa, we've assembled a list of local small business banks that you should contact.
Local Traer Business Loan Sources
To assist you in finding a small business banker, here's our list of small business banks in Traer.
Other Lending Resources for Traer Businesses
This is a list of banks outside of Traer, Iowa that have provided SBA loans to Traer businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Traer Businesses
As a prerequisite to contacting 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 explain your business, explain how much you want to borrow, define how the money will be used, and show how you intend to to pay the loan back to the bank.
Being able to present a well-written business plan is an important prerequisite. If the bank loan is to for an existing business, you should also have financial statements covering the last three years. You will also need to discuss 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 you cannot repay the loan.
If the business has few assets, you will likely be asked to to guarantee the loan with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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. 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
Take the time to learn as much as you can about Raising
Money. To get started, we recommend you read
Angel Investors.
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