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

Chamberlain, South Dakota Small Business Loans

 
Loan Census SBA Loan Info

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

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

Local Chamberlain Banks

To help you learn more about local small business lenders, here's our list of small business banks in Chamberlain.

Small Business Bank Recent SBA Loans
F & M Bank  
First Dakota National Bank 5
Great Western Bank 6
Raymond James Financial Services Inc  

SBA Lenders for Chamberlain Businesses

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

Small Business Bank Recent SBA Loans
Wells Fargo Bank
Minneapolis, MN
2
Wells Fargo Bank
San Jose, CA
1

Chamberlain Bank Loan Tips

Before reaching out to lenders 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 how you plan to pay the loan back to the lender.

Having a business plan is essential. If the loan 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, the bank may ask you to to secure the business 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 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 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

Take the time to learn as much as you can about Raising Money. For starters, we recommend you read Getting a Small Business Loan.

Business Loan Sources for Other Cities in South Dakota
Get a Business Loan in Brookings
Get a Business Loan in Huron

Browse All Business Loan Sources for South Dakota