Loan Census Banking News and Information
April 24, 2014  
  Business Loan Information  

Small Business Lenders in Pequot Lakes, Minnesota

Loan Census SBA Loan Info

Small business loans in Pequot Lakes, Minnesota are available. You just need to talk to the right bank.

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

Local Pequot Lakes Lenders

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

Small Business Bank Recent SBA Loans
Amer National Bank - Minnesota 2
American National Bank of Minnesota  
Lakes State Bank  
Wells Fargo Bank Minnesota NA - Pequot Lakes Office  

Banks that Lend to Pequot Lakes Businesses

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

Small Business Bank Recent SBA Loans
Amer National Bank - Minnesota
Baxter, MN
Bremer Bank
Saint Cloud, MN
Capital One
Mclean, VA
Midwest Bank
Barnesville, MN
Northern National Bank
Nisswa, MN
Pine River State Bank
Pine River, MN
Stearns Bank
Saint Cloud, MN
U.S. Bank National Association
Cincinnati, OH
Venture Bank
Bloomington, MN
Wells Fargo Bank
Minneapolis, MN
Wells Fargo Bank
San Jose, CA
Wells Fargo Bank
Sioux Falls, SD

Business Loan Advice for Pequot Lakes Businesses

As a prerequisite to contacting lenders 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, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the lender.

Having a business plan is essential. If the bank loan is to for a company that is already doing 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, the bank may ask you to to pledge 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 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. Advice on Raising Money

If you are serious about Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review Bank Credit Lines.

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