Walcott, Iowa Small Business Loans

Local Walcott Business Loan Sources

To help you learn more about local small business lenders, here's our list of small business banks in Walcott.

Banks that Lend to Walcott Businesses

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

Walcott Bank Loan Tips

Before contacting lenders 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, walk the banker through the planned use of proceeds, and show how you plan to pay the money back to the lender.

Being able to present a well-written business plan is essential. 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 cash flow from the business does not meet your projections.

If the business has few assets, you will likely be asked to to guarantee the loan 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 participate in the financial assistance programs available through the SBA. Before you sit down to talk with a small business banker, you may want to do your homework 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 recommend you read 504 Loans.