Loan Census Banking News and Information
April 25, 2014  
  Business Loan Information  

Small Business Lenders in Montevideo, Minnesota

Loan Census SBA Loan Info

Getting a business loan in Montevideo, Minnesota seems challenging at first, but we're here to help you get started.

If you are looking for a small business loan and your business is based in Montevideo, Minnesota, we've assembled a list of local small business banks that you should contact.

Local Montevideo Business Lenders

To help you learn more about local small business lenders, here's our list of small business banks in Montevideo.

Small Business Bank Recent SBA Loans
Co-op Cu Of Montevideo 1
First National Bank In Montevideo 2
Kleinbank 14
Minnwest Bank Central 19

Banks that Lend to Montevideo Businesses

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

Small Business Bank Recent SBA Loans
Citizens St. Bank - Clara City
Granite Falls, MN
Drake Bank
Saint Paul, MN
Big Lake, MN
Wells Fargo Bank
Minneapolis, MN
Wells Fargo Bank
San Jose, CA

Business Loan Advice for Montevideo Businesses

Before meeting with banks for a loan, you will need to develop the specifics of your loan request.

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.

A well-defined business plan is an important prerequisite. If the loan is to for a company that is already doing business, you should also have financial statements covering the last three years. In addition, you should itemize 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 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 your individual retirement account or pension plan. 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 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. Advice on Raising Money

Invest the time to learn as much as you can about Raising Money. To get started, we recommend you read Getting a Small Business Loan.

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