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

Elgin, Iowa Small Business Loans

 
Loan Census SBA Loan Info

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

If you are planning on applying for a small business loan and your business is based in Elgin, Iowa, we've assembled a list of local small business banks that you should contact.

Local Elgin Business Lenders

Without further adieu, here's our list of small business banks in Elgin.

Small Business Bank Recent SBA Loans
Elgin State Bank 7

Banks that Lend to Elgin Businesses

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

Small Business Bank Recent SBA Loans
Community St. Bank
Ankeny, IA
1

Elgin Bank Loan Tips

Before meeting with 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 explain your business, explain how much you want to borrow, describe what the money will finance, and show how you plan to pay the loan back to the bank.

Having a business plan is is critically important. If the bank loan is to for an existing business, you should also have financial statements covering the last three years. In addition, you should itemize 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 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. 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 Investor Turnoffs.

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