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.
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.
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.
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