If you are looking for a small business loan and your business is based in Madison Lake, Minnesota, we've assembled a list of local small business banks that you should contact.
Local Madison Lake Banks
To assist you in finding a small business banker, here's our list of small business banks in Madison Lake.
|Small Business Bank
||Recent SBA Loans
|Peoples State Bank of Madison Lake - Madison Lake Office
Other Lending Resources for Madison Lake Businesses
This is a list of banks outside of Madison Lake, Minnesota that have provided SBA loans to Madison Lake businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Madison Lake Businesses
Before contacting banks to get 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, describe what the money will finance, and show your ability to pay the loan back to the bank.
Having a business plan is an important prerequisite. If the money is to for an existing business, 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 secure the business with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 the banks in our list are SBA lenders. Prior to visiting local banks, 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.
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