Business Loan Lester Prairie, Minnesota

Local Lester Prairie Business Loan Sources

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

Lenders for Lester Prairie Businesses

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

Tips for Getting a Business Loan in Lester Prairie

Before meeting with banks to get a bank loan, you will need to have a specific plan.

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 your ability to pay the money back to the bank.

Having a business plan is essential. If the money is to for a company that is already doing 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 cash flow from the business does not meet your projections.

If the business has few assets, you will likely be asked to secure the business with 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 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 planning on Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review 504 Loans.