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

Business Loan Devils Lake, North Dakota

 
Loan Census SBA Loan Info

I need a loan for my business in Devils Lake, North Dakota! If that's what's on your mind, you've come to the right place.

We wrote this article for entrepreneurs in Devils Lake, North Dakota who are interested in getting a bank loan.

Local Devils Lake Lenders

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

Small Business Bank Recent SBA Loans
Bremer Bank 11
Citizens Community Credit Union - Audio Response  
Citizens Community Cu 69
Country Bank USA  
Countrybank Usa 2
First State Bank of Munich - Devils Lake  
Gate City Bank  
Ramsey National Bank & Trust - Devi 39
Ramsey National Bank & Trust CO  
Raymond James Financial Services Inc - Steve Boone Investment Execu  
The First State Bank Of Munich 2
US Bank  
Western State Bank 17

SBA Lenders for Devils Lake Businesses

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

Small Business Bank Recent SBA Loans
American Bank Center First
Bismarck, ND
1
Bremer Bank
Fargo, ND
11
Bremer Bank
Minot, ND
4
Innovative Bank
Oakland, CA
1
Mcville State Bank
Mcville, ND
2
Rolette State Bank
Rolette, ND
1
The First State Bank Of Munich
Munich, ND
4
U.S. Bank National Association
Cincinnati, OH
1

Tips for Getting a Business Loan in Devils Lake

Before reaching out to banks for a loan, you will need to develop the specifics of your loan request.

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.

A well-defined business plan is is critically important. If the bank loan is to for a going concern, 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 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 these banks 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 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 serious about Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review Angel Investors.

Business Loan Sources for Other Cities in North Dakota
Get a Business Loan in Bismarck
Get a Business Loan in Dickinson

Browse All Business Loan Sources for North Dakota