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

Small Business Lenders in Onida, South Dakota

 
Loan Census SBA Loan Info

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

If you are planning on applying for a small business loan and your business is based in Onida, South Dakota, we've put together a list of local small business banks that you should contact.

Local Onida Lenders

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

Small Business Bank Recent SBA Loans
Sunrise Bank Dakota  

Business Loan Providers for Onida Businesses

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

Small Business Bank Recent SBA Loans
American State Bank
Pierre, SD
1

Business Loan Advice for Onida Businesses

Before reaching out to 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 intend to to pay the money back to the bank.

A well-defined business plan is essential. If the bank loan is to for a company that is already doing business, you should also have financial statements covering the last three years. You will also need to discuss 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, the bank may ask you to to secure the business with your personal assets, such as the equity in your home. 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 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

Our Gaebler.com site is deeply committed to supporting entrepreneurs, and we have a lot of resources related to to Raising Money. If you want to learn about raising money, we would suggest you read Business Incubators.

Business Loan Sources for Other Cities in South Dakota
Get a Business Loan in Mitchell
Get a Business Loan in Pierre

Browse All Business Loan Sources for South Dakota