Yankton, South Dakota Small Business Loans

Local Yankton Business Lenders

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

Business Loan Providers for Yankton Businesses

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

Yankton Bank Loan Tips

As a prerequisite to reaching out to banks to get 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, define how the money will be used, and show how you plan to pay the loan back to the bank.

A well-defined 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, you will likely be asked to pledge 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 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.

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If you are serious about Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review Business Incubators.