Loan Census Banking News and Information
March 29, 2024  
 
 
  Business Loan Information  
 

Business Loan St. Charles, Minnesota

 
Loan Census SBA Loan Info

Small business loans in St. Charles, Minnesota are available. You just need to talk to the right bank.

These materials were prepared for entrepreneurs in St. Charles, Minnesota who are interested in getting a bank loan.

Other Lending Resources for St. Charles Businesses

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

Small Business Bank Recent SBA Loans
Eastwood Bank
Kasson, MN
1
Home Federal Savings Bank
Rochester, MN
1
Merchants Bank
Hampton, MN
5
Stearns Bank
Saint Cloud, MN
1
Wells Fargo Bank
San Jose, CA
1

Tips for Getting a Business Loan in St. Charles

As a prerequisite to meeting with banks to get a bank 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, define how the money will be used, and show how you intend to to pay the money back to the bank.

A well-defined 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. Bankers will also want to know 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 you cannot repay the loan.

If the business has few assets, you will likely be asked to secure the business with 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 the banks in our list participate in the financial assistance programs available through the SBA. Prior to visiting local banks, 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

If you are planning on Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review Choosing VC Firms.

Business Loan Sources for Other Cities in Minnesota
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Get a Business Loan in Stewartville

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