This article is written specifically for entrepreneurs in Mahtomedi, Minnesota who are interested in getting debt financing.
Other Lending Resources for Mahtomedi Businesses
This is a list of banks outside of Mahtomedi, Minnesota that have provided SBA loans to Mahtomedi businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Mahtomedi
Before meeting with banks to discuss getting a bank loan, you will need to determine exactly what size loan you will be asking for.
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.
A well-defined business plan is is critically important. If the loan 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 guarantee the loan. Collateral is relevant because banks always
want to be prepared for a worst-case scenario in which you cannot repay the loan.
If the business has few assets, you will likely be asked to to guarantee the loan with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 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 get up to speed 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 devoted to providing advice to small business owners, and we have a
lot of information pertaining to to Raising
Money. For example, one article that might be of interest to you is Attracting Investors.
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