Whether you’re starting a new business, expanding or needing to purchase assets, securing funding can be an intimidating challenge for entrepreneurs. Fortunately, you don’t have to face the challenge alone. Your banker can be a valuable resource to help you identify the funding solution that best fits your unique circumstance.
Before visiting with your banker, it’s a good idea to evaluate your current personal and financial situation. Gather financial statements, tax returns, ensure your personal credit is in good standing and consider what assets will be used to secure your business loan. Once you are ready to visit with your local banker, he or she will ask several questions to understand your request and offer the best solution: term loan, line of credit, credit card, etc.
Besides evaluating traditional loan options, your banker will explore government-guaranteed loans. The U.S. Small Business Administration (SBA) has several loan programs to help grow your business and various banks can originate these loans. Arvest Bank is an SBA Preferred Lender, and the top SBA lender in the State of Arkansas.
Arvest was given SBA Preferred Lender status based on our track record with the SBA and demonstrated proficiency in processing and servicing SBA-guaranteed loans. Because we are an SBA Preferred Lender, the SBA can provide our customers several solutions, including:
- 7(a) Loan Program – Gives 7(a) loans to eligible borrowers for most business purposes, including starting, acquiring and expanding a small business. This type of loan is the most basic and the most used within SBA’s business loan programs.
- 504 Loan Program – Provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings.
- SBA Express – Provides funding for most all business purposes, including working capital lines of credit.
Whatever your business needs are, our bankers are ready to advise you and walk with you through the process of finding the solution that will help you start, grow and thrive in business.
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