If you are planning on applying for a small business loan and your business is based in Grand Marais, Minnesota, we've put together a list of local small business banks that you should contact.
Local Grand Marais Banks
Without further adieu, here's our list of small business banks in Grand Marais.
Banks that Lend to Grand Marais Businesses
This is a list of banks outside of Grand Marais, Minnesota that have provided SBA loans to Grand Marais businesses. Some of these may be national banks with local branch locations.
Grand Marais Bank Loan Tips
As a prerequisite to reaching out to lenders for a 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, describe what the money will finance, and show how you plan to pay the loan back to the lender.
Being able to present a well-written business plan is is critically important. 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 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 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 the banks in our list are SBA lenders. 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
Take the time to learn as much as you can about Raising
Money. To get started, we recommend you read
Business Line of Credit.
More Business Lender Lists for Minnesota Cities
Get a Business Loan in Golden Valley
Get a Business Loan in Grand Rapids
Browse All Business Loan Sources for Minnesota