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

Pelican Rapids, Minnesota Business Loan

 
Loan Census SBA Loan Info

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

These materials were prepared for entrepreneurs in Pelican Rapids, Minnesota who are interested in getting a bank loan.

Local Pelican Rapids Lending Resources

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

Small Business Bank Recent SBA Loans
Lake Country State Bank 3
State Bank Mortgage and Loan  
Wells Fargo Bank NA - Pelican Rapids MN  

Lenders for Pelican Rapids Businesses

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

Small Business Bank Recent SBA Loans
First National Bank
Hawley, MN
1
State Bank & Trust
Fargo, ND
2
Stearns Bank
Saint Cloud, MN
1
Wells Fargo Bank
Minneapolis, MN
1
Wells Fargo Bank
San Jose, CA
3

Pelican Rapids Business Loan Advice

As a prerequisite to contacting banks to discuss getting a bank 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, define how the money will be used, and show how you intend to to pay the loan back to the bank.

A well-defined business plan is is critically important. If the capital is to for a going concern, you should also have financial statements covering the last three years. You will also need to discuss 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, 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 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. 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

If you are serious about Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review 504 Loans.

Business Loan Sources for Other Cities in Minnesota
Get a Business Loan in Owatonna
Get a Business Loan in Prior Lake

Browse All Business Loan Sources for Minnesota