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March 28, 2024  
 
 
  Business Loan Information  
 

Business Loan Montrose, Minnesota

 
Loan Census SBA Loan Info

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

This article is written specifically for small business proprietors in Montrose, Minnesota who are interested in getting debt financing.

SBA Lenders for Montrose Businesses

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

Small Business Bank Recent SBA Loans
Citizens St. Bank - Waverly (inc
Waverly, MN
3
Landmark Commun Bank
Ramsey, MN
1
Wells Fargo Bank
Sioux Falls, SD
1

Tips for Getting a Business Loan in Montrose

Prior to reaching out to banks to get a bank loan, you will need to develop the specifics of your loan request.

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.

Having a business plan is is critically important. If the loan is to for a going concern, you should also have financial statements covering the last three years. In addition, you should itemize 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 you cannot repay the loan.

If the business has few assets, you will likely be asked to secure the business with your personal assets, such as your individual retirement account or pension plan. The banks will look at your personal credit report 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 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

Gaebler.com is a site that is passionate about providing advice to entrepreneurs, and we have a lot of useful articles about to Raising Money. For example, one article that might be of interest to you is Business Incubators.

Business Loan Sources for Other Cities in Minnesota
Get a Business Loan in Monticello
Get a Business Loan in Moorhead

Browse All Business Loan Sources for Minnesota