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

Fertile, Minnesota Small Business Loans

 
Loan Census SBA Loan Info

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

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

Lenders for Fertile Businesses

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

Small Business Bank Recent SBA Loans
American Federal Bank
Fargo, ND
1
First Financial Bank
Twin Valley, MN
1

Fertile Bank Loan Tips

As a prerequisite to meeting with banks to discuss getting 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 plan to pay the money back to the bank.

A well-defined business plan is is critically important. 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 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 the banks in our list 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

Make it a priority to learn as much as you can about Raising Money. To get started, we recommend you read How Equity Dilution Works.

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