These materials were prepared for small business owners in Clearwater, Minnesota who are interested in getting a small business loan.
Local Clearwater Business Lenders
To assist you in finding a small business banker, here's our list of small business banks in Clearwater.
Small Business Bank |
Recent SBA Loans |
Annandale State Bank |
|
Banks that Lend to Clearwater Businesses
This is a list of banks outside of Clearwater, Minnesota that have provided SBA loans to Clearwater businesses. Some of these may be national banks with local branch locations.
Small Business Bank |
Recent SBA Loans |
1st National Bank - Elk River
Anoka, MN |
1 |
Bremer Bank
Saint Cloud, MN |
2 |
Citicapital Small Business Finance
Irving, TX |
1 |
Highland Bank
Saint Michael, MN |
2 |
St. Stephen State Bank
Saint Cloud, MN |
3 |
State Bank Of Kimball
Kimball, MN |
1 |
State Bank Of Kimball
Saint Augusta, MN |
1 |
Stearns Bank
Saint Cloud, MN |
6 |
The Bank Of Elk River
Elk River, MN |
1 |
U.S. Bank National Association
Cincinnati, OH |
1 |
Wells Fargo Bank
San Jose, CA |
1 |
Clearwater Business Loan Advice
Prior to reaching out to banks to discuss getting a bank loan, you will need to have a specific plan.
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 how you plan to pay the money back to the bank.
Being able to present a well-written business plan is essential. If the financing is to for an existing business, you should also have financial statements covering the last three years. In addition, you should itemize what collateral you have available to guarantee 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, you will likely be asked to to guarantee the loan with your personal assets, such as the equity in your home. 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 meeting with the banker, 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
Make it a priority to learn as much as you can about Raising
Money. For starters, we recommend you read
Investor Turnoffs.
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