Small Business Lenders in Westerville, Ohio

Local Westerville Lenders

Without further adieu, here's our list of small business banks in Westerville.

Banks that Lend to Westerville Businesses

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

Business Loan Advice for Westerville Businesses

Prior to reaching out to lenders to get a bank loan, you will need to have a specific plan.

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 your ability to pay the loan back to the lender.

Being able to present a well-written business plan is an important prerequisite. If the capital is to for an existing 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 to guarantee the loan with your personal assets, such as the equity in your home. 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 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

Gaebler.com is a site that is dedicated to aiding entrepreneurs, and we have a lot of resources related to to Raising Money. For example, one article that might be of interest to you is Getting a Small Business Loan.