Shakopee, Minnesota Business Loan

Local Shakopee Lenders

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

Lenders for Shakopee Businesses

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

Shakopee Business Loan Advice

Before meeting with 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 how you plan to pay the loan back to the bank.

A well-defined business plan is is critically important. If the financing is to for a going concern, 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 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 are SBA lenders. Before you sit down to talk with a small business banker, you may want to do your homework 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

Our Gaebler.com site is all about assisting entrepreneurs, and we have a lot of resources related to to Raising Money. To learn more, we recommend you read Borrowing Money from Friends and Family.