Big Stone City, South Dakota Business Loan

Local Big Stone City Banks

To assist you in finding a small business banker, here's our list of small business banks in Big Stone City.

Business Loan Providers for Big Stone City Businesses

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

Big Stone City Business Loan Advice

Prior to contacting lenders to get a bank loan, you will need to develop the specifics of your loan request.

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 your ability to pay the money back to the lender.

Having a business plan is an important prerequisite. If the money is to for a going concern, you should also have financial statements covering the last three years. In addition, you should itemize 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 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 do your homework 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

Take the time to learn as much as you can about Raising Money. To get the ball rolling, we recommend you read Investor Turnoffs.