Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Mora, Minnesota Small Business Loans

 
Loan Census SBA Loan Info

Raising money in Mora, Minnesota? If so, you'll want to talk to some of these small business lenders in Mora.

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

Local Mora Business Lenders

To assist you in finding a small business banker, here's our list of small business banks in Mora.

Small Business Bank Recent SBA Loans
Greater Minnesota Credit Union  
Kanabec State Bank 44
Peoples National Bank Of Mora 9

Lenders for Mora Businesses

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

Small Business Bank Recent SBA Loans
Capital One
Mclean, VA
2
Peoples Bank Of Commerce
Cambridge, MN
1
Stearns Bank
Saint Cloud, MN
2

Mora Bank Loan Tips

As a prerequisite to contacting banks for a 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 how you intend to to pay the loan back to the bank.

Having a 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. Bankers will also want to know 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 to guarantee the loan 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 are SBA lenders. Prior to visiting local banks, 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 educate yourself. If you haven't read it already, we recommend you review Business Line of Credit.

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