Fessenden, North Dakota Small Business Loans

Local Fessenden Business Loan Sources

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

Lenders for Fessenden Businesses

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

Fessenden Bank Loan Tips

As a prerequisite to meeting with 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 explain your business, explain how much you want to borrow, define how the money will be used, and show how you plan to pay the loan back to the bank.

A well-defined business plan is an important prerequisite. If the money is to for a company that is already doing 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 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 are SBA lenders. 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

Gaebler.com is a site that is devoted to helping entrepreneurs, and we have a lot of resources related to to Raising Money. For example, one article that might be of interest to you is Borrowing Money from Friends and Family.