Small Business Lenders in Caledonia, Minnesota

Local Caledonia Banks

Without further adieu, here's our list of small business banks in Caledonia.

Lenders for Caledonia Businesses

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

Business Loan Advice for Caledonia Businesses

Prior to reaching out to lenders for a 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 your ability to pay the loan back to the lender.

A well-defined 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 you cannot repay the loan.

If the business has few assets, the bank may ask you to to secure the business with your personal assets, such as your individual retirement account or pension plan. The banks will look at your personal credit report 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. Prior to visiting local banks, 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

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