Loan Census Banking News and Information
April 21, 2014  
 
 
  Business Loan Information  
 

Small Business Lenders in St. Martin, Minnesota

 
Loan Census SBA Loan Info

I need a loan for my business in St. Martin, Minnesota! If that's what's on your mind, you've come to the right place.

If you are planning on applying for a small business loan and your business is based in St. Martin, Minnesota, we've assembled a list of local small business banks that you should contact.

Lenders for St. Martin Businesses

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

Small Business Bank Recent SBA Loans
Freeport State Bank
Freeport, MN
1
Heritage Bank
Spicer, MN
1
St. Martin National Bank
Saint Martin, MN
1

Business Loan Advice for St. Martin Businesses

As a prerequisite to reaching out to 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.

A well-defined business plan is is critically important. If the financing 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 to guarantee the loan with 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 these banks participate in the financial assistance programs available through the SBA. Before meeting with the 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

Take the time to learn as much as you can about Raising Money. To get started, we recommend you read 504 Loans.

More Business Loan Info for Minnesota
Get a Business Loan in Shakopee
Get a Business Loan in Stewartville

Browse All Business Loan Sources for Minnesota