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

Small Business Lenders in Melvin, Iowa

 
Loan Census SBA Loan Info

Looking for a Melvin, Iowa 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 planning on applying for a small business loan and your business is based in Melvin, Iowa, we've put together a list of local small business banks that you should contact.

Local Melvin Business Loan Sources

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

Small Business Bank Recent SBA Loans
Melvin Savings Bank 4

Banks that Lend to Melvin Businesses

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

Small Business Bank Recent SBA Loans
Vantus Bank
Sioux City, IA
1

Business Loan Advice for Melvin Businesses

Prior to contacting banks to get 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, walk the banker through the planned use of proceeds, and show how you intend to to pay the money back to the bank.

A well-defined business plan is essential. 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 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 meeting with the banker, 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

Make it a priority to learn as much as you can about Raising Money. For starters, we recommend you read Business Credit Evaluation.

More Business Lender Lists for Iowa Cities
Get a Business Loan in Mason City
Get a Business Loan in Mount Pleasant

Browse All Business Loan Sources for Iowa