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

Iona, Minnesota Business Loan

 
Loan Census SBA Loan Info

I need a loan for my business in Iona, Minnesota! If that's what's on your mind, you've come to the right place.

We wrote this article for small business proprietors in Iona, Minnesota who are interested in getting a bank loan.

Other Lending Resources for Iona Businesses

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

Small Business Bank Recent SBA Loans
State Bank Of Chandler
Chandler, MN
1

Iona Business Loan Advice

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

Having a business plan is an important prerequisite. 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 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, the bank may ask you to 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 the banks in our list are SBA lenders. 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 get up to speed on the subject. If you haven't read it already, we recommend you review Bank Credit Lines.

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