Loan Census Banking News and Information
April 24, 2014  
 
 
  Business Loan Information  
 

Deer Creek, Minnesota Small Business Loans

 
Loan Census SBA Loan Info

I need a loan for my business in Deer Creek, Minnesota! If that's what's on your mind, you've come to the right place.

If you are hoping to get a small business loan and your business is based in Deer Creek, Minnesota, we've assembled a list of local small business banks that you should contact.

Local Deer Creek Business Loan Sources

To assist you in finding a small business banker, here's our list of small business banks in Deer Creek.

Small Business Bank Recent SBA Loans
Wadena State Bank 2

Business Loan Providers for Deer Creek Businesses

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

Small Business Bank Recent SBA Loans
Amer National Bank - Minnesota
Baxter, MN
1
Stearns Bank
Saint Cloud, MN
1

Deer Creek Bank Loan Tips

As a prerequisite to 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 introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show your ability to pay the money back to the bank.

Being able to present a well-written business plan is essential. If the loan is to for an existing business, 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, you will likely be asked 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 are SBA lenders. Prior to visiting local banks, 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

If you are planning on Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review 504 Loans.

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