Loan Census Banking News and Information
March 29, 2024  
 
 
  Business Loan Information  
 

Newport, Minnesota Business Loan

 
Loan Census SBA Loan Info

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

This article is written specifically for entrepreneurs in Newport, Minnesota who are interested in getting a small business loan.

Local Newport Business Lenders

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

Small Business Bank Recent SBA Loans
Midamerica Capital Partners  
Southview Bank  

Lenders for Newport Businesses

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

Small Business Bank Recent SBA Loans
Anchor Bank
Wayzata, MN
2
Anchor Bank Saint Paul
Apple Valley, MN
1
Associated Bank
Minneapolis, MN
1
U.S. Bank National Association
Cincinnati, OH
3
Wells Fargo Bank
San Jose, CA
2

Newport Business Loan Advice

As a prerequisite to contacting banks to get a bank loan, you will need to determine exactly what size loan you will be asking for.

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 money is to for a going concern, you should also have financial statements covering the last three years. Bankers will also want to know 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 stocks and bonds that you might own or life insurance policies. 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 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 the effort and learn as much as you can about Raising Money. To get started, we suggest you read 504 Loans.

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