If you are planning on applying for a small business loan and your business is based in Wellington, Ohio, we've put together a list of local small business banks that you should contact.
Local Wellington Business Lenders
To help you learn more about local small business lenders, here's our list of small business banks in Wellington.
Small Business Bank |
Recent SBA Loans |
Farmers Savings Bank |
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Fifth Third Bank |
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Business Loan Providers for Wellington Businesses
This is a list of banks outside of Wellington, Ohio that have provided SBA loans to Wellington businesses. Some of these may be national banks with local branch locations.
Wellington Bank Loan Tips
As a prerequisite to reaching out to banks to get a bank 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, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the bank.
A well-defined business plan is is critically important. If the capital 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 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 secure the business with 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. Before meeting with the banker, you may want to read up on 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.
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