Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Small Business Lenders in Elgin, Minnesota

 
Loan Census SBA Loan Info

Getting a business loan in Elgin, 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 Elgin, Minnesota, we've assembled a list of local small business banks that you should contact.

Local Elgin Lending Resources

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

Small Business Bank Recent SBA Loans
Peoples State Bank - Elgin  

Business Loan Providers for Elgin Businesses

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

Small Business Bank Recent SBA Loans
1st National Bank - Plainview
Plainview, MN
2
Eastwood Bank
Kasson, MN
1
Peoples St. Bank - Plainview
Plainview, MN
1
Wells Fargo Bank
Sioux Falls, SD
1

Business Loan Advice for Elgin Businesses

As a prerequisite to meeting with banks to discuss getting a bank loan, you will need to have a specific plan.

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

Being able to present a well-written business plan is essential. If the financing is to for a going concern, 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, the bank may ask you to to pledge your personal assets, such as the equity in your home. 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 these banks are SBA lenders. Before meeting with the banker, 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 get up to speed on the subject. If you haven't read it already, we recommend you review 504 Loans.

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