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

Hancock, Minnesota Small Business Loans

 
Loan Census SBA Loan Info

Looking for a Hancock, 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 Hancock, Minnesota, we've assembled a list of local small business banks that you should contact.

Local Hancock Lenders

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

Small Business Bank Recent SBA Loans
1st Amer St. Bank - Minnesota 2
1st American State Bank of Minnesota  

Hancock Bank Loan Tips

Before contacting banks for a loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly explain your business, explain how much you want to borrow, define how the money will be used, and show your ability to pay the loan back to the bank.

Being able to present a well-written business plan is is critically important. If the capital 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, you will likely be asked to pledge your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 these banks participate in the financial assistance programs available through the SBA. 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 learn as much as you can. If you haven't read it already, we recommend you review 504 Loans.

More Business Loan Info for Minnesota
Get a Business Loan in Grand Rapids
Get a Business Loan in Hastings

Browse All Business Loan Sources for Minnesota