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

Small Business Lenders in Northome, Minnesota

 
Loan Census SBA Loan Info

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

If you are looking for a small business loan and your business is based in Northome, Minnesota, we've put together a list of local small business banks that you should contact.

Local Northome Lending Resources

To help you learn more about local small business lenders, here's our list of small business banks in Northome.

Small Business Bank Recent SBA Loans
Northland Community Bank  

Lenders for Northome Businesses

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

Small Business Bank Recent SBA Loans
Northview Bank
Finlayson, MN
1

Business Loan Advice for Northome Businesses

Before reaching out to lenders for a loan, you will need to have a specific plan.

You need to be able to clearly explain your business, explain how much you want to borrow, describe what the money will finance, and show your ability to pay the loan back to the lender.

Having a business plan is an important prerequisite. If the loan is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know 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 you cannot repay the loan.

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 these banks participate in the financial assistance programs available through the SBA. Prior to visiting local banks, 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

If you are serious about Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review 504 Loans.

Business Loan Sources for Other Cities in Minnesota
Get a Business Loan in Northfield
Get a Business Loan in Owatonna

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