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

Fairfax, Minnesota Business Loan

 
Loan Census SBA Loan Info

Raising money in Fairfax, Minnesota? If so, you'll want to talk to some of these small business lenders in Fairfax.

This article is written specifically for entrepreneurs in Fairfax, Minnesota who are interested in getting a small business loan.

Local Fairfax Lenders

To help you learn more about local small business lenders, here's our list of small business banks in Fairfax.

Small Business Bank Recent SBA Loans
1st National Bank - Fairfax 2
First National Bank  
Rural American Bank-Hector Fairfax  

Fairfax Business Loan Advice

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

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 plan to pay the loan back to the bank.

A well-defined business plan is an important prerequisite. If the money 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 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 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 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 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 passionate about helping entrepreneurs, and we have a lot of information pertaining to to Raising Money. If you want to learn about raising money, we would suggest you read How to Raise Money.

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