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

Arden Hills, Minnesota Small Business Loans

 
Loan Census SBA Loan Info

Getting a business loan in Arden Hills, Minnesota seems challenging at first, but we're here to help you get started.

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

Lenders for Arden Hills Businesses

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

Small Business Bank Recent SBA Loans
Anchor Bank
Wayzata, MN
1
Capital One
Mclean, VA
1
Kleinbank
Coon Rapids, MN
1
Kleinbank
Maple Grove, MN
1
M&i Marshall & Ilsley Bank
Richfield, MN
1
U.S. Bank National Association
Cincinnati, OH
3

Arden Hills Bank Loan Tips

As a prerequisite to contacting banks to get a bank 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, 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 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 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 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

If you are serious about Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review SBIR Funding.

Business Loan Sources for Other Cities in Minnesota
Get a Business Loan in Apple Valley
Get a Business Loan in Austin

Browse All Business Loan Sources for Minnesota