We wrote this article for small business proprietors in Bock, Minnesota who are interested in getting debt financing.
SBA Lenders for Bock Businesses
This is a list of banks outside of Bock, Minnesota that have provided SBA loans to Bock businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Bock
Before contacting banks to get a bank 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, describe what the money will finance, and show your ability to pay the loan back to the bank.
Having a business plan is is critically important. If the money is to for a company that is already doing business, you should also have financial statements covering the last three years. You will also need to discuss 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 cash flow from the business does not meet your projections.
If the business has few assets, the bank may ask you to 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 these banks participate in the financial assistance programs available through the SBA. Prior to visiting local banks, 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.
Gaebler.com Advice on Raising Money
If you are new to our Gaebler.com site, you should know that we are passionate about helping small business owners, and we have a
lot of useful articles about to Raising
Money. To learn more, we recommend you read 504 Loans.
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