If you are looking for a small business loan and your business is based in Breckenridge, Minnesota, we've assembled a list of local small business banks that you should contact.
Local Breckenridge Banks
Without further adieu, here's our list of small business banks in Breckenridge.
|Small Business Bank
||Recent SBA Loans
|Bank of the West
|First Federal Savings Bank
Other Lending Resources for Breckenridge Businesses
This is a list of banks outside of Breckenridge, Minnesota that have provided SBA loans to Breckenridge businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Breckenridge Businesses
Before reaching out to banks to get 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, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the bank.
Being able to present a well-written business plan is an important prerequisite. If the bank loan is to for a going concern, you should also have financial statements covering the last three years. Bankers will also want to know 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 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 you sit down to talk with a small business 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.
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