If you are looking for a small business loan and your business is based in Glencoe, Minnesota, we've assembled a list of local small business banks that you should contact.
Local Glencoe Lenders
Without further adieu, here's our list of small business banks in Glencoe.
Banks that Lend to Glencoe Businesses
This is a list of banks outside of Glencoe, Minnesota that have provided SBA loans to Glencoe businesses. Some of these may be national banks with local branch locations.
Glencoe Bank Loan Tips
Prior to meeting with lenders for a 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, define how the money will be used, and show your ability to pay the loan back to the lender.
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. In addition, you should itemize 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 to guarantee the loan with your personal assets, such as the equity in your home. 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.
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