Business Loan Casselton, North Dakota

Local Casselton Business Lenders

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

Banks that Lend to Casselton Businesses

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

Tips for Getting a Business Loan in Casselton

Prior to contacting lenders to get 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, define how the money will be used, and show your ability to pay the loan back to the lender.

Being able to present a well-written 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. 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 to guarantee the loan with your personal assets, such as the equity in your home. 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 these banks participate in the financial assistance programs available through the SBA. Before meeting with the 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

Gaebler.com is a site that is all about helping entrepreneurs, and we have a lot of information pertaining to to Raising Money. If raising money is on your to-do list, we would suggest you read Realistic Debt Financing Options.