Loan Census Banking News and Information
April 17, 2014  
  Business Loan Information  

Eagle Lake, Minnesota Business Loan

Loan Census SBA Loan Info

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

We wrote this article for small business owners in Eagle Lake, Minnesota who are interested in getting debt financing.

Local Eagle Lake Lending Resources

Without further adieu, here's our list of small business banks in Eagle Lake.

Small Business Bank Recent SBA Loans
Peoples State Bank of Madison Lake - Eagle Lake Branch  

Business Loan Providers for Eagle Lake Businesses

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

Small Business Bank Recent SBA Loans
Elysian Bank
Elysian, MN

Eagle Lake Business Loan Advice

As a prerequisite to contacting banks to get 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.

Being able to present a well-written business plan is an important prerequisite. If the financing 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 your individual retirement account or pension plan. 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 you sit down to talk with a small business 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. To get started, we suggest you read Attracting Investors.

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