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

Small Business Lenders in Goodrich, North Dakota

 
Loan Census SBA Loan Info

Getting a business loan in Goodrich, North Dakota seems challenging at first, but we're here to help you get started.

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

Local Goodrich Lending Resources

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

Small Business Bank Recent SBA Loans
Choice Financial Group  
First National Bank of McClusky  

Lenders for Goodrich Businesses

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

Small Business Bank Recent SBA Loans
First Internatl Bank & Tr
Watford City, ND
1

Business Loan Advice for Goodrich Businesses

Before meeting with banks to discuss getting a bank loan, you will need to have a specific plan.

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.

A well-defined business plan is an important prerequisite. If the capital is to for a company that is already doing business, you should also have financial statements covering the last three years. You will also need to discuss 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, the bank may ask you to to secure the business with your personal assets, such as the equity in your home. 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 do your homework 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 learn as much as you can. If you haven't read it already, we recommend you review 504 Loans.

Business Loan Sources for Other Cities in North Dakota
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