If you’re looking for capital to help you grow your business, the best place to look may be right in your neighborhood. The folks over at Entrepreneur have a feature on their website they call the Entrepreneur Business Loan Search that could be a boon for small businesses. The tool is designed to allow the user to input a city or zip code into a search bar, and get results for the banks in or near that city or zip code with a track record of providing loans to small businesses. Entrepreneur.com states that they created the tool to locate the best loans with the lowest rates and longest terms. The feature may be helpful for small businesses looking to receive a superior loan with a bank in their area. To compile this data, Entrepreneur Business Loan Search turned to MultiFunding.com, a Pennsylvania-based loan-advisory firm that strives to help small-business owners get the best possible loans for the best possible rates.
Starting a business or growing one can be difficult, so tools such as this one can be a help in the process. The search generates a list of local results as well as an estimate of small-business loan balances held at each branch. Categorized by a color key that branches banks into three performance brackets based on their lending habits, it can be simple to use to help evaluate banks in your community. To help ensure legitimacy, included banks must have at least $100,000,000 in domestic deposits and at least $25,000,000 in small-business loans on their books. The search is free, so if you are a small business looking for access to capital to start or help grow your business, the Entrepreneur Business Loan Search might be a good place to start. Once you’ve found the right bank for you, it’s important to know how to prepare yourself. We’ve put together a checklist that goes into detail on the steps you may want to take prior to meeting your lender, and the many resources available to help you secure the appropriate loan for your business.
Photo Credit: Elvis Kennedy, Flickr