Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Business Loan Austin, Minnesota

 
Loan Census SBA Loan Info

Small business loans in Austin, Minnesota are available. You just need to talk to the right bank.

These materials were prepared for small business owners in Austin, Minnesota who are interested in getting a small business loan.

Local Austin Lending Resources

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

Small Business Bank Recent SBA Loans
Associated Bank  
Community Bank  
Farmers & Merchants St. Bank - B 1
Farmers & Merchants State Bank  
Heart Fund Memorials  
Home Federal Savings Bank  
Minnesota Surety & Trust Company  
Security Bank Minnesota  
Sterling State Bank  
U S Bank - Branch Office- Austin- Austin Office  
Wells Fargo Bank NA - Austin  

Lenders for Austin Businesses

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

Small Business Bank Recent SBA Loans
Capital One
Mclean, VA
2
F&m Commun Bank
Preston, MN
3
Farmers & Merchants St. Bank - B
Blooming Prairie, MN
7
Farmers & Merchants State Bank
Appleton, MN
1
Kleinbank
Norwood Young America, MN
1
U.S. Bank National Association
Cincinnati, OH
1
U.S. Bank National Association
San Diego, CA
1
Wells Fargo Bank
Minneapolis, MN
3
Wells Fargo Bank
San Jose, CA
3
Wells Fargo Bank
Sioux Falls, SD
1

Tips for Getting a Business Loan in Austin

Before contacting banks to discuss getting 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, define how the money will be used, and show how you plan to pay the loan back to the bank.

Being able to present a well-written business plan is essential. If the money is to for an existing 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 secure the business with 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 these banks 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 new to our Gaebler.com site, you should know that we are dedicated to aiding small business owners, and we have a lot of resources related to to Raising Money. If raising money is on your to-do list, we recommend you read Business Credit Evaluation.

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