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

Sherman, South Dakota Small Business Loans

 
Loan Census SBA Loan Info

Looking for a Sherman, South Dakota 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.

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

Banks that Lend to Sherman Businesses

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

Small Business Bank Recent SBA Loans
First Premier Bank
Sioux Falls, SD
1

Sherman Bank Loan Tips

Before contacting banks to discuss getting a bank 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 plan to pay the money back to the bank.

Being able to present a well-written business plan is an important prerequisite. If the bank loan is to for a going concern, 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, you will likely be asked to to guarantee the loan 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 meeting with the banker, 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

Make it a priority to learn as much as you can about Raising Money. To get started, we suggest you read Bank Credit Lines.

More Business Loan Info for South Dakota
Get a Business Loan in Rapid City
Get a Business Loan in Sioux Falls

Browse All Business Loan Sources for South Dakota