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March 29, 2024  
 
 
  Business Loan Information  
 

Business Loan Winona, Minnesota

 
Loan Census SBA Loan Info

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

This article is written specifically for small business owners in Winona, Minnesota who are interested in getting debt financing.

Local Winona Business Loan Sources

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

Small Business Bank Recent SBA Loans
Associated Bank  
Eastwood Bank 2
First Federal - Customer Service  
Fortress Bank Minnesota  
Home Federal Savings Bank  
Merchants Bank 52
Minnesota First  
Norwest Bank  
Time & Temperature  
Wells Fargo Bank 1
Winona National Bank 14

Banks that Lend to Winona Businesses

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

Small Business Bank Recent SBA Loans
Alliance Bank
Cochrane, WI
4
American Savings, Inc.
New Prague, MN
1
Cit Small Business Lending Corp
Livingston, NJ
1
Coulee Bank
La Crosse, WI
1
Eastwood Bank
Rollingstone, MN
1
Merchants Bank
Hampton, MN
14
Merchants Bank
Onalaska, WI
1
Park Bank
Holmen, WI
1
Park Bank
La Crosse, WI
2
U.S. Bank National Association
Cincinnati, OH
1
Wells Fargo Bank
Minneapolis, MN
8
Wells Fargo Bank
San Jose, CA
8
Wells Fargo Bank
Sioux Falls, SD
2

Tips for Getting a Business Loan in Winona

Before reaching out to lenders to discuss getting a bank loan, you will need to have a specific plan.

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.

Being able to present a well-written business plan is is critically important. 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 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 the equity in your home. 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. 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

Make the effort and learn as much as you can about Raising Money. To get the ball rolling, we suggest you read Only Idiots Send Venture Capitalists Business Plans.

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