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.
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.
Gaebler.com 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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