Loan Census Banking News and Information
April 20, 2014  
 
 
  Business Loan Information  
 

Lindstrom, Minnesota Business Loan

 
Loan Census SBA Loan Info

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

This article is written specifically for small business proprietors in Lindstrom, Minnesota who are interested in getting a bank loan.

Local Lindstrom Business Loan Sources

To assist you in finding a small business banker, here's our list of small business banks in Lindstrom.

Small Business Bank Recent SBA Loans
Lake Area Bank 5
Security State Bank Of Marine 2

Banks that Lend to Lindstrom Businesses

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

Small Business Bank Recent SBA Loans
Capital One
Mclean, VA
1
Mainstreet Bank
Forest Lake, MN
1
The Riverbank
Osceola, WI
2
The Riverbank
Wyoming, MN
1
U.S. Bank National Association
Cincinnati, OH
4

Lindstrom Business Loan Advice

Before contacting banks to get a bank loan, you will need to have a specific plan.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, describe what the money will finance, and show how you intend to to pay the money back to the bank.

Having a 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. You will also need to discuss 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 cash flow from the business does not meet your projections.

If the business has few assets, you will likely be asked to to guarantee the loan with your personal assets, such as the equity in your home. 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 these banks 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

Our Gaebler.com site is passionate about supporting small business owners, and we have a lot of resources related to to Raising Money. To learn more, one article that might be of interest to you is Getting a Small Business Loan.

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