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March 29, 2024  
 
 
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Business Loan Worthing, South Dakota

 
Loan Census SBA Loan Info

Raising money in Worthing, South Dakota? If so, you'll want to talk to some of these small business lenders in Worthing.

We wrote this article for small business owners in Worthing, South Dakota who are interested in getting a small business loan.

Local Worthing Lending Resources

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

Small Business Bank Recent SBA Loans
First American Bank & Trust  

Lenders for Worthing Businesses

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

Small Business Bank Recent SBA Loans
Amer Bank
Le Mars, IA
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Tips for Getting a Business Loan in Worthing

Before contacting banks to get a bank 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, walk the banker through the planned use of proceeds, and show your ability to pay the loan back to the bank.

Being able to present a well-written business plan is an important prerequisite. 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 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 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 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 passionate about aiding entrepreneurs, and we have a lot of information pertaining to to Raising Money. For example, we recommend you read How Equity Dilution Works.

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