Business financing in Drew County.

Small business financing is money you borrow or receive to start, grow, or stabilize a business. In Drew County, the most common types include:

**Term Loans** — A lump sum you repay over a set period with regular payments. Good for equipment purchases, renovations, or expansion.

**Lines of Credit** — A flexible pool of money you draw from as needed and repay over time. Useful for covering payroll gaps or seasonal slow periods.

**SBA-Backed Loans** — Loans made by local banks or credit unions where the U.S. Small Business Administration partially guarantees repayment, which reduces risk for the lender and often means better terms for you.

**Microloans** — Smaller loans, typically under $50,000, offered by nonprofit lenders (CDFIs) for startups or businesses that don't yet qualify for traditional bank financing.

**Equipment Financing** — A loan tied specifically to a piece of equipment, which serves as collateral. Common for contractors and agricultural businesses.

**CDFI Loans** — Loans from Community Development Financial Institutions, which are mission-driven nonprofit lenders designed to serve borrowers who are underserved by traditional banks, including immigrants and ITIN holders.

None of these require you to be a U.S. citizen. ITIN-based borrowing is possible through the right lenders.

Drew County's economy is rooted in timber, agriculture, healthcare (Monticello is home to Drew Memorial Health System), retail along U.S. Highway 425, and a growing contractor and construction sector tied to residential and agricultural property. The University of Arkansas at Monticello (UAM) also anchors a small but steady service economy.

**You may qualify if you:**

- Have been operating a business for 6 months or more (some lenders require 1–2 years)

- Can show some business revenue, even if modest

- Have a personal credit score of 580 or higher (some CDFI and microloan programs go lower)

- Are a sole proprietor, LLC, or corporation registered in Arkansas

- Hold an ITIN instead of a Social Security Number (ITIN-friendly lenders are listed below)

- Are a startup with a solid business plan and some personal savings to contribute

**Drew County-specific notes:**

- Agricultural and timber-adjacent businesses may also qualify for USDA Business & Industry (B&I) loan guarantees, which are separate from SBA and designed for rural counties like Drew.

- If you work in construction, landscaping, or trades as a solo contractor, you are considered a small business and can apply for most of these products.

- Spanish-speaking applicants are welcome at several of the lenders listed in this guide.

Having these ready before you meet with a lender will save time and show you are prepared. Requirements vary by lender, but most will ask for:

**Personal Documents**

- Government-issued photo ID (passport, consular ID, or driver's license)

- ITIN letter or Social Security card

- Two years of personal tax returns (or ITIN-based returns)

**Business Documents**

- Business license or Arkansas Secretary of State registration

- Two years of business tax returns (if you've been open that long)

- Last 3–6 months of business bank statements

- Profit and loss statement (a simple income vs. expense summary is fine to start)

- Business plan (required for startups; one to two pages is acceptable for microloans)

**Loan-Specific Documents**

- Equipment quotes or contractor bids (for equipment or renovation loans)

- Lease agreement or property deed (if you have a physical location)

- Existing debt schedule (list of any current loans or credit cards tied to the business)

**Tip:** If you don't have formal bookkeeping, a CDFI or small business development center counselor can help you prepare these documents for free before you apply. See the next section for local contacts.