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

Red Lake Falls, Minnesota Business Loan

 
Loan Census SBA Loan Info

Looking for a Red Lake Falls, Minnesota small business loan? We were annoyed by how hard it was to find city-specific small business lenders so we created this page just for you.

These materials were prepared for small business proprietors in Red Lake Falls, Minnesota who are interested in getting debt financing.

Local Red Lake Falls Banks

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

Small Business Bank Recent SBA Loans
Unity Bank North 9

Banks that Lend to Red Lake Falls Businesses

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

Small Business Bank Recent SBA Loans
Border State Bank
Greenbush, MN
1

Red Lake Falls Business Loan Advice

As a prerequisite to reaching out to lenders for a loan, you will need to determine exactly what size loan you will be asking for.

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 how you plan to pay the loan back to the lender.

Having a business plan is essential. If the loan is to for an existing 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 you cannot repay the loan.

If the business has few assets, the bank may ask you to to secure the business with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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. Prior to visiting local banks, 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. For starters, we suggest you read 504 Loans.

Business Loan Sources for Other Cities in Minnesota
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