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

Mentor, Minnesota Small Business Loans

 
Loan Census SBA Loan Info

Looking for a Mentor, 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 hoping to get a small business loan and your business is based in Mentor, Minnesota, we've put together a list of local small business banks that you should contact.

Local Mentor Banks

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

Small Business Bank Recent SBA Loans
Mentor Agency  

SBA Lenders for Mentor Businesses

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

Small Business Bank Recent SBA Loans
Border State Bank
Greenbush, MN
4
Border State Bank
Thief River Falls, MN
3
Ultima Bank Minnesota
Winger, MN
4
Unity Bank North
Red Lake Falls, MN
3

Mentor Bank Loan Tips

Before contacting banks for a 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 plan to pay the money back to the bank.

A well-defined business plan is essential. If the loan is to for a company that is already doing 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 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 these banks participate in the financial assistance programs available through the SBA. Prior to visiting local banks, 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

Take the time to learn as much as you can about Raising Money. To get started, we suggest you read Find Start-Up Capital.

More Business Lender Lists for Minnesota Cities
Get a Business Loan in Marshall
Get a Business Loan in Minneapolis

Browse All Business Loan Sources for Minnesota