Loan Census Banking News and Information
April 24, 2014  
 
 
  Business Loan Information  
 

Small Business Lenders in Faribault, Minnesota

 
Loan Census SBA Loan Info

Small business loans in Faribault, Minnesota are available. You just need to talk to the right bank.

If you are planning on applying for a small business loan and your business is based in Faribault, Minnesota, we've put together a list of local small business banks that you should contact.

Local Faribault Lending Resources

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

Small Business Bank Recent SBA Loans
1st United Bank 28
Affinity Plus Federal Credit Union  
Lake Country Community Bank  
Premier Bank Minnesota - Faribault  
The State Bank Of Faribault 11
Wells Fargo Bank NA - Faribault  

Banks that Lend to Faribault Businesses

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

Small Business Bank Recent SBA Loans
Anchor Bank
Wayzata, MN
1
Anchor Bank Farmington
Farmington, MN
1
Capital One
Mclean, VA
3
Currie State Bank
Currie, MN
1
Independence Bank
East Greenwich, RI
1
Kleinbank
Norwood Young America, MN
1
Lake Country Community Bank
Morristown, MN
10
M&i Marshall & Ilsley Bank
Milwaukee, WI
1
M&i Marshall & Ilsley Bank
Richfield, MN
1
U.S. Bank National Association
Cincinnati, OH
3
Wells Fargo Bank
Minneapolis, MN
5
Wells Fargo Bank
Rochester, MN
1
Wells Fargo Bank
San Jose, CA
1
Wells Fargo Bank
Sioux Falls, SD
2

Business Loan Advice for Faribault Businesses

Before contacting banks to get a bank loan, you will need to determine exactly what size loan you will be asking for.

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.

Having a business plan is is critically important. If the money is to for a going concern, you should also have financial statements covering the last three years. You will also need to discuss 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 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 stocks and bonds that you might own or life insurance policies. 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 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

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 Realistic Debt Financing Options.

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