We wrote this article for small business owners in Pine River, Minnesota who are interested in getting a bank loan.
Local Pine River Banks
To assist you in finding a small business banker, here's our list of small business banks in Pine River.
|Small Business Bank
||Recent SBA Loans
|Pine River State Bank
|U S Bank - Branch Offices- Pine River- Pine River Office
SBA Lenders for Pine River Businesses
This is a list of banks outside of Pine River, Minnesota that have provided SBA loans to Pine River businesses. Some of these may be national banks with local branch locations.
Pine River Business Loan Advice
Prior to meeting with banks for a loan, you will need to determine exactly what size loan you will be asking for.
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 your ability to pay the loan back to the bank.
Being able to present a well-written business plan is is critically important. If the financing 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 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, the bank may ask you to to secure the business with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 these banks are SBA lenders. Before you sit down to talk with a small business 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.
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