Nisswa, Minnesota Small Business Loans

Local Nisswa Business Lenders

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

Other Lending Resources for Nisswa Businesses

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

Nisswa Bank Loan Tips

Prior to reaching out to banks to get a bank 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, walk the banker through the planned use of proceeds, and show your ability to pay the loan back to the bank.

A well-defined business plan is an important prerequisite. If the loan 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 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 you sit down to talk with a small business 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 deeply committed to providing advice to small business owners, and we have a lot of resources related to to Raising Money. To learn more, we recommend you read Choosing VC Firms.