Commerical Lending Sources

     Alabama's financial institutions are among the strongest in the United States. There are a large number of aggressive commercial lenders such as banks and savings and loan associations in more than 2,300 locations and with more than $61.3 billion in total assets.

     Commercial lenders provide a high percentage of the capital and liquid needs for new and expanding industry. The requirements by lending institutions are basically the same and loan decisions are made quickly when a company has a well-prepared business plan and comprehensive financial information. While lenders will vary in the type of loans they extend, as well as the amounts and terms under which financing may be available, the applicant has an advantage if all financial information is submitted in a well-organized format. The plan should also be realistic in the area of future growth expectations.

     Alabama's commercial lending institutions work well with the Alabama Economic Development Loan Program, Small Business Administration, and other government agencies which may guarantee loans in order to help businesses acquire financing which they otherwise might not be able to obtain.

Source: Alabama Development Office