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March 28, 2024  
 
 
  Business Loan Information  
 

St. Joseph, Minnesota Business Loan

 
Loan Census SBA Loan Info

Getting a business loan in St. Joseph, Minnesota seems challenging at first, but we're here to help you get started.

This article is written specifically for small business owners in St. Joseph, Minnesota who are interested in getting debt financing.

SBA Lenders for St. Joseph Businesses

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

Small Business Bank Recent SBA Loans
Bremer Bank
Saint Cloud, MN
6
Drake Bank
Saint Paul, MN
1
First State Bank Of St. Joseph
Saint Joseph, MN
8
Stearns Bank
Saint Cloud, MN
4
The National Bank
Bettendorf, IA
1

St. Joseph Business Loan Advice

As a prerequisite to meeting with lenders 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 how you plan to pay the loan back to the lender.

Being able to present a well-written business plan is an important prerequisite. If the loan is to for an existing 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, you will likely be asked 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 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

Take the time to learn as much as you can about Raising Money. For starters, we recommend you read 504 Loans.

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