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

Wahkon, Minnesota Business Loan

 
Loan Census SBA Loan Info

I need a loan for my business in Wahkon, 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 Wahkon, Minnesota who are interested in getting debt financing.

Lenders for Wahkon Businesses

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

Small Business Bank Recent SBA Loans
1st National Bank - Milaca
Milaca, MN
1
Woodlands National Bank
Onamia, MN
1

Wahkon Business Loan Advice

Prior to reaching out to banks 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 bank.

Being able to present a well-written business plan is essential. If the loan is to for a company that is already doing business, you should also have financial statements covering the last three years. In addition, you should itemize 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, the bank may ask you to 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. Before meeting with the banker, 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

Gaebler.com is a site that is dedicated to providing advice to small business owners, and we have a lot of information pertaining to to Raising Money. For example, one article that might be of interest to you is SBIR Funding.

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