Business Loan Onamia, Minnesota

Local Onamia Lending Resources

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

Lenders for Onamia Businesses

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

Tips for Getting a Business Loan in Onamia

As a prerequisite to contacting lenders to discuss getting a bank loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show your ability to pay the money back to the lender.

Being able to present a well-written business plan is is critically important. If the bank loan is to for a going concern, you should also have financial statements covering the last three years. Bankers will also want to know 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 stocks and bonds that you might own or life insurance policies. 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 you sit down to talk with a small business banker, you may want to read up on 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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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 Borrowing Money from Friends and Family.