Loan Census Banking News and Information
April 18, 2014  
  Business Loan Information  

Business Loan Lyle, Minnesota

Loan Census SBA Loan Info

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

We wrote this article for entrepreneurs in Lyle, Minnesota who are interested in getting debt financing.

Local Lyle Lending Resources

Without further adieu, here's our list of small business banks in Lyle.

Small Business Bank Recent SBA Loans
Sterling State Bank  

Lenders for Lyle Businesses

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

Small Business Bank Recent SBA Loans
Farmers & Merchants St. Bank - B
Blooming Prairie, MN
Wells Fargo Bank
San Jose, CA

Tips for Getting a Business Loan in Lyle

As a prerequisite to reaching out to banks to discuss getting a bank 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, define how the money will be used, and show your ability to pay the loan back to the bank.

A well-defined business plan is an important prerequisite. If the capital is to for an existing business, you should also have financial statements covering the last three years. In addition, you should itemize 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, the bank may ask you to to secure the business 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 participate in the financial assistance programs available through the SBA. Before meeting with the 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. Advice on Raising Money

If you are serious about Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review Getting a Small Business Loan.

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