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

Milaca, Minnesota Business Loan

 
Loan Census SBA Loan Info

Getting a business loan in Milaca, Minnesota seems challenging at first, but we're here to help you get started.

These materials were prepared for entrepreneurs in Milaca, Minnesota who are interested in getting a small business loan.

Local Milaca Lenders

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

Small Business Bank Recent SBA Loans
1st National Bank - Milaca 11
Bremer Bank  
First National Bank of Milaca - Gilman Office  
First National Bank of Milaca - Milaca Office  
Greater Minnesota Credit Union  

Banks that Lend to Milaca Businesses

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

Small Business Bank Recent SBA Loans
Associated Bank
Minneapolis, MN
1
Bremer Bank
Saint Cloud, MN
2
Falcon National Bank
Foley, MN
1
Farmers & Merchants St. Bank - N
New York Mills, MN
2
Horizon Bank
Pine City, MN
1
U.S. Bank National Association
Cincinnati, OH
1
Woodlands National Bank
Hinckley, MN
1
Woodlands National Bank
Onamia, MN
2

Milaca Business Loan Advice

Prior to contacting lenders to discuss getting 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 plan to pay the money back to the lender.

A well-defined business plan is an important prerequisite. 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 to guarantee the loan 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 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 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

Make the effort and learn as much as you can about Raising Money. To get the ball rolling, we suggest you read Realistic Debt Financing Options.

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