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March 29, 2024  
 
 
  Business Loan Information  
 

Staples, Minnesota Business Loan

 
Loan Census SBA Loan Info

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

This article is written specifically for small business owners in Staples, Minnesota who are interested in getting a small business loan.

Local Staples Business Lenders

To assist you in finding a small business banker, here's our list of small business banks in Staples.

Small Business Bank Recent SBA Loans
First Integrity Bank 7
Mid Minnesota Federal Credit Union  
Mid-Central Federal Savings Bank  

Other Lending Resources for Staples Businesses

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

Small Business Bank Recent SBA Loans
Bremer Bank
Saint Cloud, MN
1
Mid-minnesota Fcu
Baxter, MN
2
U.S. Bank National Association
Cincinnati, OH
1

Staples Business Loan Advice

As a prerequisite to meeting with lenders to discuss getting a bank loan, you will need to determine exactly what size loan you will be asking for.

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 your ability to pay the money back to the lender.

Being able to present a well-written business plan is essential. If the bank loan is to for a going concern, 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 you cannot repay the loan.

If the business has few assets, you will likely be asked to pledge your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 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

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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