Business Loan Merrill, Iowa

Local Merrill Lending Resources

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

Other Lending Resources for Merrill Businesses

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

Tips for Getting a Business Loan in Merrill

Prior to meeting with banks to discuss getting 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 how you intend to to pay the money back to the bank.

Having a business plan is is critically important. If the loan is to for an existing 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 you cannot repay the loan.

If the business has few assets, you will likely be asked to to guarantee the loan with your personal assets, such as the equity in your home. 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 participate in the financial assistance programs available through the SBA. 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

Invest the time to learn as much as you can about Raising Money. To get the ball rolling, we recommend you read Getting a Small Business Loan.