Richfield, Minnesota Small Business Loans

Raising money in Richfield, Minnesota? If so, you'll want to talk to some of these small business lenders in Richfield.

If you are looking for a small business loan and your business is based in Richfield, Minnesota, we've put together a list of local small business banks that you should contact.

Local Richfield Business Lenders

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

Small Business Bank	Recent SBA Loans
First National Bank - Lakes	2
M&i Marshall & Ilsley Bank	32
Richfield-bloomington Cu	2

Lenders for Richfield Businesses

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

Small Business Bank	Recent SBA Loans
American Bank Of St. Paul Saint Paul, MN	1
Anchor Bank Wayzata, MN	3
Anchor Bank Heritage North Saint Paul, MN	1
Associated Bank Minneapolis, MN	2
Bremer Bank Saint Cloud, MN	2
Bremer Bank South Saint Paul, MN	1
Capital One Mclean, VA	1
Comerica Bank Dallas, TX	1
Crown Bank Edina, MN	1
First Minnetonka City Bank Minnetonka, MN	1
Franklin National Bank - Minneapolis Minneapolis, MN	1
Kleinbank Big Lake, MN	1
Lake Community Bank Long Lake, MN	1
M&i Marshall & Ilsley Bank Milwaukee, WI	11
Minnwest Bank Metro Rochester, MN	1
North American Banking Company Roseville, MN	1
Park Midway Bank Saint Paul, MN	1
Prime Security Bank Karlstad, MN	1
Prime Security Bank Shakopee, MN	1
Stearns Bank Saint Cloud, MN	3
Tcf National Bank Wayzata, MN	1
U.S. Bank National Association Cincinnati, OH	7
U.S. Bank National Association San Diego, CA	2
Venture Bank Bloomington, MN	2
Wells Fargo Bank Minneapolis, MN	3
Wells Fargo Bank San Jose, CA	1
Wells Fargo Bank Sioux Falls, SD	2
Western Bank Minneapolis, MN	1
Western Bank Saint Paul, MN	1

Richfield Bank Loan Tips

Before reaching out to banks for a 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 how you plan to pay the money back to the bank.

A well-defined business plan is essential. If the financing is to for a company that is already doing 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 cash flow from the business does not meet your projections.

If the business has few assets, the bank may ask you to to secure the business with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 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

Make the effort and learn as much as you can about Raising Money. For starters, we recommend you read Angel Investors.

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