Loan Census Banking News and Information
April 23, 2014  
  Business Loan Information  

Small Business Lenders in Watkins, Minnesota

Loan Census SBA Loan Info

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

If you are looking for a small business loan and your business is based in Watkins, Minnesota, we've put together a list of local small business banks that you should contact.

Local Watkins Banks

To help you learn more about local small business lenders, here's our list of small business banks in Watkins.

Small Business Bank Recent SBA Loans
Farmers State Agency of Watkins Inc  
Farmers State Bank 1

Banks that Lend to Watkins Businesses

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

Small Business Bank Recent SBA Loans
Bremer Bank
Saint Cloud, MN
Capital One
Mclean, VA
M&i Marshall & Ilsley Bank
Milwaukee, WI
State Bank In Eden Valley
Eden Valley, MN
Wells Fargo Bank
Sioux Falls, SD

Business Loan Advice for Watkins Businesses

Prior to reaching out to lenders for a 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, describe what the money will finance, and show how you plan to pay the money back to the lender.

Being able to present a well-written business plan is an important prerequisite. If the loan is to for a going concern, 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 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 you sit down to talk with a small business 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. Advice on Raising Money is a site that is all about assisting entrepreneurs, and we have a lot of useful articles about to Raising Money. For example, we would suggest you read Bank Credit Lines.

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