These materials were prepared for small business proprietors in Battle Lake, Minnesota who are interested in getting a small business loan.
Local Battle Lake Lending Resources
Without further adieu, here's our list of small business banks in Battle Lake.
Other Lending Resources for Battle Lake Businesses
This is a list of banks outside of Battle Lake, Minnesota that have provided SBA loans to Battle Lake businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Battle Lake
Before contacting lenders to discuss getting a bank loan, you will need to determine exactly what size loan you will be asking for.
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 your ability to pay the loan back to the lender.
Having a business plan is essential. If the bank loan 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 secure the loan. Collateral is relevant because banks always
want to be prepared for a worst-case scenario in which you cannot repay the loan.
If the business has few assets, you will likely be asked to to guarantee the loan with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 participate in the financial assistance programs available through the SBA. Before meeting with the banker, you may want to read up on 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.
Gaebler.com Advice on Raising Money
Make the effort and learn as much as you can about Raising
Money. For starters, we recommend you read
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