Small Business Lenders in Hecla, South Dakota

Local Hecla Banks

To help you learn more about local small business lenders, here's our list of small business banks in Hecla.

Other Lending Resources for Hecla Businesses

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

Business Loan Advice for Hecla Businesses

As a prerequisite to reaching out to lenders for a 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 intend to to pay the loan back to the lender.

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. Bankers will also want to know 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 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 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 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.

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Gaebler.com is a site that is deeply committed to helping entrepreneurs, and we have a lot of useful articles about to Raising Money. For example, one article that might be of interest to you is 504 Loans.