We wrote this article for entrepreneurs in Elk River, Minnesota who are interested in getting a small business loan.
Local Elk River Business Lenders
To help you learn more about local small business lenders, here's our list of small business banks in Elk River.
Lenders for Elk River Businesses
This is a list of banks outside of Elk River, Minnesota that have provided SBA loans to Elk River 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 |
2 |
Associated Bank
Minneapolis, MN |
1 |
Boundary Waters Bank
Ely, MN |
1 |
Bremer Bank
Saint Cloud, MN |
2 |
Capital One
Mclean, VA |
1 |
Cit Small Business Lending Corp
Livingston, NJ |
1 |
Community Pride Bank
Isanti, MN |
2 |
Fidelity Bank
Edina, MN |
1 |
First Commercial Bank
Bloomington, MN |
1 |
First Minnesota Bank
Minnetonka, MN |
2 |
Ge Cap. Small Business Finan Corp
St. Louis, MO |
1 |
Kleinbank
Big Lake, MN |
1 |
Landmark Commun Bank
Isanti, MN |
3 |
Park State Bank
Duluth, MN |
1 |
Peoples Bank Of Commerce
Cambridge, MN |
1 |
Peoples Bank Of Commerce
Minneapolis, MN |
1 |
Peoples Bank Of Commerce
Saint Paul, MN |
1 |
Riverview Community Bank
Otsego, MN |
2 |
Stearns Bank
Saint Cloud, MN |
1 |
Tcf National Bank
Wayzata, MN |
1 |
Tradition Capital Bank
Edina, MN |
2 |
U.S. Bank National Association
Cincinnati, OH |
17 |
Wells Fargo Bank
Minneapolis, MN |
3 |
Wells Fargo Bank
San Jose, CA |
4 |
Western Bank
Edina, MN |
1 |
Tips for Getting a Business Loan in Elk River
Prior to contacting banks to get a bank loan, you will need to determine exactly what size loan you will be asking for.
You need to be able to clearly explain your business, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show your ability to pay the loan back to the bank.
A well-defined business plan is an important prerequisite. If the loan 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 stocks and bonds that you might own or life insurance policies. 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 these banks are SBA lenders. Before you sit down to talk with a small business 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
If you are serious about Raising
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Business Credit Evaluation.
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