Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Independence, Minnesota Small Business Loans

 
Loan Census SBA Loan Info

Getting a business loan in Independence, 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 Independence, Minnesota, we've assembled a list of local small business banks that you should contact.

Business Loan Providers for Independence Businesses

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

Small Business Bank Recent SBA Loans
First Commercial Bank
Bloomington, MN
1
U.S. Bank National Association
Cincinnati, OH
1

Independence 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, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the bank.

Being able to present a well-written business plan is is critically important. If the financing 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 guarantee 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, the bank may ask you to to to guarantee the loan 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 you sit down to talk with a small business banker, you may want to read up on 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 educate yourself. If you haven't read it already, we recommend you review Borrowing Money from Friends and Family.

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