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

Cobden, Minnesota Small Business Loans

 
Loan Census SBA Loan Info

Looking for a Cobden, Minnesota small business loan? We were annoyed by how hard it was to find city-specific small business lenders so we created this page just for you.

If you are looking for a small business loan and your business is based in Cobden, Minnesota, we've assembled a list of local small business banks that you should contact.

Banks that Lend to Cobden Businesses

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

Small Business Bank Recent SBA Loans
Farmers & Merchants St. Bank - S
Springfield, MN
1

Cobden Bank Loan Tips

As a prerequisite to contacting banks to discuss getting a bank loan, you will need to develop the specifics of your loan request.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, describe what the money will finance, and show your ability to pay the money back to the bank.

Being able to present a well-written business plan is an important prerequisite. If the money is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know 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, you will likely be asked to pledge your personal assets, such as your individual retirement account or pension plan. 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 are SBA lenders. Prior to visiting local banks, you may want to get up to speed 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 planning on Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review Investor Turnoffs.

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