These materials were prepared for small business proprietors in Rutledge, Minnesota who are interested in getting a small business loan.
Business Loan Providers for Rutledge Businesses
This is a list of banks outside of Rutledge, Minnesota that have provided SBA loans to Rutledge businesses. Some of these may be national banks with local branch locations.
Rutledge Business Loan Advice
Prior to meeting with lenders for a loan, you will need to have a specific plan.
You need to be able to clearly explain your business, explain how much you want to borrow, describe what the money will finance, and show your ability to pay the loan back to the lender.
Having a business plan is essential. If the bank loan is to for an existing business, you should also have financial statements covering the last three years. In addition, you should itemize 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 to guarantee the loan with your personal assets, such as the equity in your home. 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 these banks 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.
Gaebler.com Advice on Raising Money
Invest the time to learn as much as you can about Raising
Money. To get started, we recommend you read
Getting a Small Business Loan.
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