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

Small Business Lenders in Mound, Minnesota

 
Loan Census SBA Loan Info

Looking for a Mound, Minnesota small business loan? We were annoyed by how hard it was to find city-specific small business lenders so we created this page just for you.

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

Local Mound Business Loan Sources

Without further adieu, here's our list of small business banks in Mound.

Small Business Bank Recent SBA Loans
Crow River Bank  
Crow River State Bank 3
Prime Security Bank  
Wells Fargo  

Other Lending Resources for Mound Businesses

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

Small Business Bank Recent SBA Loans
Associated Bank
Minneapolis, MN
1
Capital One
Mclean, VA
1
Fidelity Bank
Edina, MN
1
First National Bank - Lakes
Navarre, MN
2
Lake Community Bank
Long Lake, MN
2
U.S. Bank National Association
Cincinnati, OH
4
Wells Fargo Bank
San Jose, CA
3

Business Loan Advice for Mound Businesses

Prior to meeting with banks to get a bank loan, you will need to develop the specifics of your loan request.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, define how the money will be used, 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 bank loan is to for a going concern, you should also have financial statements covering the last three years. In addition, you should itemize 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 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 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 the banks in our list participate in the financial assistance programs available through the SBA. Before meeting with the banker, 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.

Gaebler.com Advice on Raising Money

If you are planning on Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review Business Line of Credit.

Business Loan Sources for Other Cities in Minnesota
Get a Business Loan in Morris
Get a Business Loan in New Hope

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