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March 29, 2024  
 
 
  Business Loan Information  
 

Prairie City, Iowa Business Loan

 
Loan Census SBA Loan Info

I need a loan for my business in Prairie City, Iowa! If that's what's on your mind, you've come to the right place.

This article is written specifically for entrepreneurs in Prairie City, Iowa who are interested in getting a bank loan.

Local Prairie City Business Loan Sources

Without further adieu, here's our list of small business banks in Prairie City.

Small Business Bank Recent SBA Loans
F & M Bank  

Other Lending Resources for Prairie City Businesses

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

Small Business Bank Recent SBA Loans
F&m Bank-iowa
Marshalltown, IA
1

Prairie City Business Loan Advice

Before contacting banks to get 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 your ability to pay the loan back to the bank.

A well-defined business plan is is critically important. If the capital is to for a company that is already doing business, 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, 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 are SBA lenders. Before meeting with the banker, 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.

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