New Rockford, North Dakota Small Business Loans

Local New Rockford Business Loan Sources

To assist you in finding a small business banker, here's our list of small business banks in New Rockford.

SBA Lenders for New Rockford Businesses

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

New Rockford Bank Loan Tips

Before contacting banks to get 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 intend to to pay the loan back to the bank.

Being able to present a well-written business plan is essential. If the bank loan is to for a company that is already doing business, you should also have financial statements covering the last three years. You will also need to discuss 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 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 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 new to our Gaebler.com site, you should know that we are passionate about aiding entrepreneurs, and we have a lot of information pertaining to to Raising Money. For example, we recommend you read Business Incubators.