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

Small Business Lenders in Lake Preston, South Dakota

 
Loan Census SBA Loan Info

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

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

Local Lake Preston Business Lenders

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

Small Business Bank Recent SBA Loans
First Savings Bank  

Other Lending Resources for Lake Preston Businesses

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

Small Business Bank Recent SBA Loans
Wells Fargo Bank
San Jose, CA
1

Business Loan Advice for Lake Preston Businesses

As a prerequisite to meeting with lenders to get a bank 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, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the lender.

Having a business plan is essential. If the money 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 guarantee the loan. Collateral is relevant because banks always want to be prepared for a worst-case scenario in which you cannot repay the loan.

If the business has few assets, you will likely be asked to to guarantee the loan with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 How Equity Dilution Works.

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