This article is written specifically for entrepreneurs in Sanborn, Minnesota who are interested in getting a bank loan.
Local Sanborn Business Lenders
To assist you in finding a small business banker, here's our list of small business banks in Sanborn.
Sanborn Business Loan Advice
As a prerequisite to reaching out to lenders for a loan, you will need to develop the specifics of your loan request.
You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, describe what the money will finance, and show your ability to pay the money back to the lender.
A well-defined business plan is is critically important. If the capital 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 guarantee 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 pledge your personal assets, such as your individual retirement account or pension plan. 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. Prior to visiting local banks, 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.
Gaebler.com Advice on Raising Money
If you are planning on Raising
Money, you need to get up to speed on the subject. If you haven't read it
already, we recommend you review
How to Raise Money.
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