Loan Census Banking News and Information
April 19, 2014  
  Business Loan Information  

Brook Park, Minnesota Small Business Loans

Loan Census SBA Loan Info

Looking for a Brook Park, Minnesota small business loan? We were annoyed by how hard it was to find city-specific small business lenders so we created this page just for you.

If you are looking for a small business loan and your business is based in Brook Park, Minnesota, we've assembled a list of local small business banks that you should contact.

Banks that Lend to Brook Park Businesses

This is a list of banks outside of Brook Park, Minnesota that have provided SBA loans to Brook Park businesses. Some of these may be national banks with local branch locations.

Small Business Bank Recent SBA Loans
Kanabec State Bank
Mora, MN
Peoples National Bank Of Mora
Mora, MN
Wells Fargo Bank
San Jose, CA

Brook Park Bank Loan Tips

As a prerequisite to reaching out to 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, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the bank.

Having a business plan is essential. If the loan is to for a going concern, 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 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 are SBA lenders. Before meeting with the banker, you may want to do your homework 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. Advice on Raising Money

Take the time to learn as much as you can about Raising Money. For starters, we suggest you read Business Line of Credit.

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