If you are looking for a small business loan and your business is based in Slayton, Minnesota, we've assembled a list of local small business banks that you should contact.
Local Slayton Business Lenders
Without further adieu, here's our list of small business banks in Slayton.
Business Loan Providers for Slayton Businesses
This is a list of banks outside of Slayton, Minnesota that have provided SBA loans to Slayton businesses. Some of these may be national banks with local branch locations.
Slayton Bank Loan Tips
Before contacting banks to get a bank 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, define how the money will be used, and show how you intend to to pay the loan back to the bank.
Being able to present a well-written business plan is essential. If the money is to for a company that is already doing 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, you will likely be asked to pledge your personal assets, such as the equity in your home. 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 the banks in our list 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
Gaebler.com is a site that is all about assisting entrepreneurs, and we have a
lot of information pertaining to to Raising
Money. For example, one article that might be of interest to you is Business Incubators.
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