Loan Census Banking News and Information
December 23, 2024  
 
 
  Business Loan Information  
 

Wickliffe, Kentucky Business Loan

 
Loan Census SBA Loan Info

Getting a business loan in Wickliffe, Kentucky seems challenging at first, but we're here to help you get started.

These materials were prepared for small business owners in Wickliffe, Kentucky who are interested in getting a small business loan.

Local Wickliffe Lending Resources

To assist you in finding a small business banker, here's our list of small business banks in Wickliffe.

Small Business Bank Recent SBA Loans
Citizens State Bank of Ballard  
First Southern National Bank 1

Business Loan Providers for Wickliffe Businesses

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

Small Business Bank Recent SBA Loans
Citizens Deposit Bank
Bardwell, KY
1
First Commun Bank - Western Kent
Clinton, KY
1

Wickliffe Business Loan Advice

Before meeting with 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, describe what the money will finance, and show your ability to pay the money back to the bank.

Being able to present a well-written business plan is essential. If the financing is to for a going concern, 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, 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 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 are SBA lenders. Prior to visiting local banks, 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.

Gaebler.com Advice on Raising Money

Make it a priority to learn as much as you can about Raising Money. To get started, we recommend you read Getting a Small Business Loan.

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