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March 28, 2024  
 
 
  Business Loan Information  
 

Hoople, North Dakota Small Business Loans

 
Loan Census SBA Loan Info

Getting a business loan in Hoople, North Dakota 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 Hoople, North Dakota, we've put together a list of local small business banks that you should contact.

Banks that Lend to Hoople Businesses

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

Small Business Bank Recent SBA Loans
First United Bank
Grafton, ND
3
First United Bank
Park River, ND
1

Hoople Bank Loan Tips

As a prerequisite to contacting 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 explain your business, explain how much you want to borrow, define how the money will be used, and show how you plan to pay the loan back to the bank.

Being able to present a well-written business plan is an important prerequisite. If the capital is to for an existing business, you should also have financial statements covering the last three years. You will also need to discuss 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, the bank may ask you to to secure the business with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 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 do your homework 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 serious about Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review Business Line of Credit.

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