We wrote this article for entrepreneurs in Trenton, Missouri who are interested in getting debt financing.
Local Trenton Banks
To help you learn more about local small business lenders, here's our list of small business banks in Trenton.
Small Business Bank |
Recent SBA Loans |
Citizens Bank & Trust |
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Citizens Bank Trust - Bookkeeping |
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Citizens Bank Trust - Trust Department |
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Farmers State Bank |
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Business Loan Providers for Trenton Businesses
This is a list of banks outside of Trenton, Missouri that have provided SBA loans to Trenton businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Trenton
As a prerequisite to contacting banks to discuss getting a bank 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 your ability to pay the money back to the bank.
A well-defined business plan is an important prerequisite. If the money is to for a going concern, you should also have financial statements covering the last three years. Bankers will also want to know 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 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 these banks participate in the financial assistance programs available through the SBA. 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 dedicated to helping entrepreneurs, and we have a
lot of useful articles about to Raising
Money. For example, we would suggest you read Choosing VC Firms.
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