If you are looking for a small business loan and your business is based in Stephen, Minnesota, we've assembled a list of local small business banks that you should contact.
Local Stephen Lenders
Without further adieu, here's our list of small business banks in Stephen.
|Small Business Bank
||Recent SBA Loans
|Citizens State Bank-Midwest
Business Loan Providers for Stephen Businesses
This is a list of banks outside of Stephen, Minnesota that have provided SBA loans to Stephen businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Stephen Businesses
As a prerequisite to contacting banks for a loan, you will need to determine exactly what size loan you will be asking for.
You need to be able to clearly explain your business, explain how much you want to borrow, describe what the money will finance, and show how you plan to pay the loan back to the bank.
Having a business plan is an important prerequisite. If the capital is to for a company that is already doing 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 stocks and bonds that you might own or life insurance policies. 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. Before meeting with the banker, 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
If you are new to our Gaebler.com site, you should know that we are deeply committed to aiding entrepreneurs, and we have a
lot of resources related to to Raising
Money. If raising money is on your to-do list, we would suggest you read Attracting Investors.
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