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

Rhame, North Dakota Business Loan

 
Loan Census SBA Loan Info

I need a loan for my business in Rhame, North Dakota! 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 Rhame, North Dakota who are interested in getting a bank loan.

Local Rhame Lending Resources

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

Small Business Bank Recent SBA Loans
Dakota Western Bank  

Lenders for Rhame Businesses

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

Small Business Bank Recent SBA Loans
Dakota Western Bank
Bowman, ND
1

Rhame Business Loan Advice

Before meeting with banks for a 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, describe what the money will finance, and show how you intend to to pay the money back to the bank.

Having a business plan is is critically important. 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 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 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. Prior to visiting local banks, you may want to get up to speed 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 planning on Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review Choosing VC Firms.

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