If you are looking for a small business loan and your business is based in East Gull Lake, Minnesota, we've assembled a list of local small business banks that you should contact.
SBA Lenders for East Gull Lake Businesses
This is a list of banks outside of East Gull Lake, Minnesota that have provided SBA loans to East Gull Lake businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for East Gull Lake Businesses
As a prerequisite 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, walk the banker through the planned use of proceeds, and show how you intend to to pay the loan back to the bank.
Being able to present a well-written business plan is essential. If the capital 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 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 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. Prior to visiting local banks, 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
Our Gaebler.com site is all about supporting entrepreneurs, and we have a
lot of resources related to to Raising
Money. For example, we recommend you read Angel Investors.
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