Loan Census Banking News and Information
March 29, 2024  
 
 
  Business Loan Information  
 

Small Business Lenders in Ostrander, Minnesota

 
Loan Census SBA Loan Info

Looking for a Ostrander, 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 hoping to get a small business loan and your business is based in Ostrander, Minnesota, we've put together a list of local small business banks that you should contact.

Local Ostrander Lending Resources

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

Small Business Bank Recent SBA Loans
Security St. Bank - Lewiston 1
Security State Bank of Lewiston  

Business Loan Providers for Ostrander Businesses

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

Small Business Bank Recent SBA Loans
Security St. Bank - Lewiston
Lewiston, MN
2

Business Loan Advice for Ostrander Businesses

Before contacting banks for a loan, you will need to have a specific plan.

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.

Having a business plan is essential. If the money 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 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 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 participate in the financial assistance programs available through the SBA. 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 planning on Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review 504 Loans.

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