Small Business Lenders in Akeley, Minnesota

Local Akeley Business Lenders

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

Other Lending Resources for Akeley Businesses

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

Business Loan Advice for Akeley Businesses

Prior to contacting banks for a loan, you will need to have a specific plan.

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 your ability to pay the loan back to the bank.

A well-defined business plan is essential. If the capital is to for a going concern, you should also have financial statements covering the last three years. In addition, you should itemize 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 cash flow from the business does not meet your projections.

If the business has few assets, the bank may ask you to to secure the business with your personal assets, such as the equity in your home. 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 these banks are SBA lenders. Prior to visiting local banks, 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 providing advice to entrepreneurs, and we have a lot of information pertaining to to Raising Money. If raising money is on your to-do list, we recommend you read Business Incubators.