Woodburn, Indiana Business Loan

Local Woodburn Lenders

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

SBA Lenders for Woodburn Businesses

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

Woodburn Business Loan Advice

Before contacting lenders for a loan, you will need to develop the specifics of your loan request.

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 intend to to pay the loan back to the lender.

A well-defined 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. 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, 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 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 these banks are SBA lenders. Before you sit down to talk with a small business 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

Take the time to learn as much as you can about Raising Money. To get the ball rolling, we suggest you read Realistic Debt Financing Options.