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April 16, 2014  
 
 
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Kenyon, Minnesota Business Loan

 
Loan Census SBA Loan Info

Looking for a Kenyon, Minnesota small business loan? We were annoyed by how hard it was to find city-specific small business lenders so we created this page just for you.

This article is written specifically for entrepreneurs in Kenyon, Minnesota who are interested in getting a small business loan.

Banks that Lend to Kenyon Businesses

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

Small Business Bank Recent SBA Loans
1st National Bank In Cannon Falls
Cannon Falls, MN
1
Capital One
Mclean, VA
1
Wells Fargo Bank
San Jose, CA
1

Kenyon Business Loan Advice

Prior to meeting with lenders 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 intend to to pay the loan back to the lender.

A well-defined business plan is is critically important. If the money is to for a company that is already doing business, you should also have financial statements covering the last three years. In addition, you should itemize 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, you will likely be asked 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 these banks 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 How Equity Dilution Works.

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