Loan Census Banking News and Information
April 23, 2014  
 
 
  Business Loan Information  
 

Dexter, Minnesota Small Business Loans

 
Loan Census SBA Loan Info

Getting a business loan in Dexter, Minnesota seems challenging at first, but we're here to help you get started.

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

Business Loan Providers for Dexter Businesses

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

Small Business Bank Recent SBA Loans
Stearns Bank
Saint Cloud, MN
1

Dexter Bank Loan Tips

Prior to contacting banks to discuss getting a bank loan, you will need to develop the specifics of your loan request.

You need to be able to clearly explain your business, explain how much you want to borrow, define how the money will be used, and show your ability to pay the loan back to the bank.

A well-defined business plan is is critically important. If the capital 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 guarantee 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 your individual retirement account or pension plan. 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 participate in the financial assistance programs available through the SBA. 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.

Gaebler.com Advice on Raising Money

Invest the time to learn as much as you can about Raising Money. For starters, we recommend you read Business Incubators.

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