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.
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.
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.
Gaebler.com 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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