If you are hoping to get a small business loan and your business is based in Darfur, Minnesota, we've assembled a list of local small business banks that you should contact.
Local Darfur Banks
Without further adieu, here's our list of small business banks in Darfur.
Business Loan Advice for Darfur Businesses
As a prerequisite to reaching out to lenders for a loan, you will need to have a specific plan.
You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, define how the money will be used, and show your ability to pay the money back to the lender.
Having a business plan is is critically important. If the money is to for an existing 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, you will likely be asked to pledge your personal assets, such as the equity in your home. The banks will look at your personal credit report 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 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 planning on Raising
Money, you need to educate yourself. If you haven't read it
already, we recommend you review
How Equity Dilution Works.
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