If you are looking for a small business loan and your business is based in Coon Rapids, Iowa, we've assembled a list of local small business banks that you should contact.
Local Coon Rapids Banks
To help you learn more about local small business lenders, here's our list of small business banks in Coon Rapids.
Coon Rapids Bank Loan Tips
Prior to contacting 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 introduce your business to the banker, explain how much you want to borrow, define how the money will be used, and show how you plan to pay the money back to the bank.
A well-defined business plan is an important prerequisite. If the capital is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know 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, you will likely be asked 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 meeting with the 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
Make it a priority to learn as much as you can about Raising
Money. For starters, we recommend you read
Realistic Debt Financing Options.
Business Loan Sources for Other Cities in Iowa
Get a Business Loan in Clive
Get a Business Loan in Coralville
Browse All Business Loan Sources for Iowa