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

Mankato, Minnesota Small Business Loans

 
Loan Census SBA Loan Info

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

If you are looking for a small business loan and your business is based in Mankato, Minnesota, we've put together a list of local small business banks that you should contact.

Local Mankato Business Loan Sources

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

Small Business Bank Recent SBA Loans
Century 21st Bank  
Citizens Community Federal  
Community Bank Vernon Center 15
Community Mortgage  
First Federal  
First National Bank Minnesota 22
Minnstar Bank NA  
Nelson Marlow W.  
Northern Star Bank 1
Olson Mark A  
Progrowth Bank 2
Security State Bank of Mankato  
TCF Bank  
U S Bank - Branch Offices- Mankato- Madison East Office  
U S Bank - Branch Offices- Mankato- Mankato Office  
Valley Bank - Mankato Branch  
Voyager Bank  
Wells Fargo Bank 1

Lenders for Mankato Businesses

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

Small Business Bank Recent SBA Loans
21st Century Bank
Loretto, MN
1
Bank Of The West
Salt Lake City, UT
1
Bremer Bank
South Saint Paul, MN
1
Capital One
Mclean, VA
1
Cit Small Business Lending Corp
Livingston, NJ
2
Community Bank
Muscatine, IA
1
Community Bank Vernon Center
Vernon Center, MN
16
Elysian Bank
Elysian, MN
3
First National Bank
Sioux City, IA
1
First National Bank Minnesota
Saint Peter, MN
1
Kleinbank
Norwood Young America, MN
1
Minnstar Bank
Lake Crystal, MN
4
Pioneer Bank
North Mankato, MN
3
Progrowth Bank
Nicollet, MN
1
Stearns Bank
Saint Cloud, MN
1
U.S. Bank National Association
Cincinnati, OH
17
United Prairie Bank
Mountain Lake, MN
3
United Prairie Bank
New Ulm, MN
1
United Prairie Bank
Owatonna, MN
1
Valley Bank
Waterville, MN
2
Voyager Bank
Eden Prairie, MN
10
Wells Fargo Bank
Minneapolis, MN
8
Wells Fargo Bank
San Jose, CA
10
Wells Fargo Bank
Sioux Falls, SD
3

Mankato Bank Loan Tips

Before reaching out to banks to get a bank loan, you will need to have a specific plan.

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.

Having a business plan is is critically important. If the loan 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 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. 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

Make the effort and learn as much as you can about Raising Money. To get the ball rolling, we suggest you read Getting a Small Business Loan.

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