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March 28, 2024  
 
 
  Business Loan Information  
 

Small Business Lenders in Viking, Minnesota

 
Loan Census SBA Loan Info

Small business loans in Viking, Minnesota are available. You just need to talk to the right bank.

If you are hoping to get a small business loan and your business is based in Viking, Minnesota, we've assembled a list of local small business banks that you should contact.

Business Loan Providers for Viking Businesses

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

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

Business Loan Advice for Viking Businesses

Before meeting with lenders to discuss getting a bank 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, walk the banker through the planned use of proceeds, and show your ability to pay the loan back to the lender.

Being able to present a well-written business plan is an important prerequisite. If the capital 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, you will likely be asked to secure the business with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 are SBA lenders. 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

If you are serious about Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review Bank Credit Lines.

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