Bayport, Minnesota Small Business Loans

Local Bayport Banks

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

Business Loan Providers for Bayport Businesses

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

Bayport Bank Loan Tips

As a prerequisite to meeting with banks to discuss getting a bank loan, you will need to develop the specifics of your loan request.

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 bank.

Having a business plan is an important prerequisite. If the financing 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, the bank may ask you to to pledge 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. 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

Our Gaebler.com site is devoted to supporting entrepreneurs, and we have a lot of useful articles about to Raising Money. For example, we would suggest you read Getting a Small Business Loan.