Loan Census Banking News and Information
April 20, 2014  
 
 
  Business Loan Information  
 

Porter, Minnesota Small Business Loans

 
Loan Census SBA Loan Info

Looking for a Porter, 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 planning on applying for a small business loan and your business is based in Porter, Minnesota, we've put together a list of local small business banks that you should contact.

Business Loan Providers for Porter Businesses

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

Small Business Bank Recent SBA Loans
Bank Of The West
Salt Lake City, UT
1

Porter Bank Loan Tips

Before reaching out to banks to discuss getting a bank loan, you will need to determine exactly what size loan you will be asking for.

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 plan to pay the money back to the bank.

Having a business plan is an important prerequisite. If the bank loan 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 to guarantee the loan with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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

Take the time to learn as much as you can about Raising Money. To get the ball rolling, we recommend you read Borrowing Money from Friends and Family.

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