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

Grove City, Minnesota Small Business Loans

Loan Census SBA Loan Info

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

If you are looking for a small business loan and your business is based in Grove City, Minnesota, we've assembled a list of local small business banks that you should contact.

Local Grove City Banks

Without further adieu, here's our list of small business banks in Grove City.

Small Business Bank Recent SBA Loans
First State Bank of Grove City  

Business Loan Providers for Grove City Businesses

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

Small Business Bank Recent SBA Loans
Heritage Bank
Spicer, MN

Grove City Bank Loan Tips

Prior to contacting banks to discuss getting a bank loan, you will need to develop the specifics of your loan request.

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 intend to to pay the loan back to the bank.

Being able to present a well-written 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. 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 to guarantee the loan with your personal assets, such as your individual retirement account or pension plan. 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 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. Advice on Raising Money

If you are serious about Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review 504 Loans.

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