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.
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.
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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