If you are planning on applying for a small business loan and your business is based in Memphis, Tennessee, we've put together a list of local small business banks that you should contact.
As a prerequisite to reaching out to lenders for a 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 how you plan to pay the loan back to the lender.
A well-defined business plan is an important prerequisite. If the capital is to for a company that is already doing 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 cash flow from the business does not meet your projections.
If the business has few assets, you will likely be asked to secure the business 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 are SBA lenders. 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.
Without further adieu, here's our list of small business banks in Memphis.
| Small Business Bank |
Recent SBA Loans |
| 1st Trust Bank for Savings |
|
| 1st Western Lending |
|
| 24 Hour Account Information |
|
| Allen Cary CFP |
|
| Avery- Lannie C |
|
| Banc Of America Investment Services- Inc |
|
| Bancorpsouth |
|
| Bank Of America |
|
| Bank of Bartlett |
|
| Banktennessee |
2 |
| Bousson- J Mark |
|
| Brighton Bank |
|
| Bryan Larry H |
|
| Cadence Bank Natl Assoc |
2 |
| Citizens Business Credit |
|
| Clough- Alan S |
|
| Commercial Bank & Trust |
|
| Commercial Bank and Trust CO |
|
| Community Bank |
|
| Concord EFS National Bank |
|
| Diebold Inc |
|
| Diversified Trust CO |
|
| EFS Bank Federal Savings Bank |
|
| Emion- Gilbert A |
|
| Enterprise Investment Solutions |
|
| Enterprise National Bank |
|
| Enterprise Staff Solutions Inc |
|
| Federal Reserve Bank of St Louis-Memphis Branch |
|
| Financial Federal Savings Bank |
|
| First Alliance Bank |
1 |
| First Bank |
1 |
| First Citizens National Bank - Bartlett |
|
| First State Bank |
|
| First Tennessee |
|
| First Union Securities |
|
| Firstbank |
|
| Ford R Molitor |
|
| Great South Merchant Services |
|
| Hooper Ii- Henry |
|
| Independent Bank |
3 |
| Insouth Bank |
66 |
| Jeans- Rickey W |
|
| Lamination & Security Products |
|
| Landmark Community Bank |
1 |
| Laureate Capital |
|
| Loosier- Miller |
|
| Master Card Division-National Bank of Commerce |
|
| McIllwain- Philip A |
|
| Memphis Area Teachers Cu |
2 |
| Memphisfirst Community Bank |
|
| National Bank of Commerce |
|
| National Bankers Trust |
|
| National Commerce Bank Services Inc |
|
| National Commerce Financial Alliance Services LLC |
|
| National Lending Corporation |
|
| Nowlin- Jerry D |
|
| Osborn- Richard S |
|
| Outreach Community Industry |
|
| Paragon National Bank |
1 |
| Payment Technologies Inc |
|
| Ray- Elmer D |
|
| Regions Bank |
826 |
| Suntrust Bank |
4 |
| Tri-state Bank Of Memphis |
2 |
| Triumph Bank |
1 |
| Trust One Bank |
28 |
| Trustmark National Bank |
3 |
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