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March 28, 2024  
 
 
  Business Loan Information  
 

Wilton, North Dakota Business Loan

 
Loan Census SBA Loan Info

Getting a business loan in Wilton, North Dakota seems challenging at first, but we're here to help you get started.

These materials were prepared for entrepreneurs in Wilton, North Dakota who are interested in getting a bank loan.

Local Wilton Lending Resources

Without further adieu, here's our list of small business banks in Wilton.

Small Business Bank Recent SBA Loans
First State Bank of Wilton  

Banks that Lend to Wilton Businesses

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

Small Business Bank Recent SBA Loans
Farmers Security Bank
Washburn, ND
1

Wilton Business Loan Advice

Before meeting with banks to get a bank loan, you will need to have a specific plan.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show how you intend to to pay the money back to the bank.

A well-defined business plan is essential. If the bank loan is to for a company that is already doing 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 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 these banks 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.

Gaebler.com Advice on Raising Money

If you are planning on Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review 504 Loans.

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