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December 21, 2024  
 
 
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Business Loan St. Cloud, Wisconsin

 
Loan Census SBA Loan Info

Getting a business loan in St. Cloud, Wisconsin seems challenging at first, but we're here to help you get started.

We wrote this article for entrepreneurs in St. Cloud, Wisconsin who are interested in getting a small business loan.

SBA Lenders for St. Cloud Businesses

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

Small Business Bank Recent SBA Loans
Hometown Bank
Fond Du Lac, WI
1

Tips for Getting a Business Loan in St. Cloud

Before meeting with banks for a 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 your ability to pay the loan back to the bank.

A well-defined business plan is essential. If the bank loan is to for an existing 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 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 participate in the financial assistance programs available through the SBA. Before meeting with the 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 passionate about providing advice to small business owners, and we have a lot of useful articles about to Raising Money. For example, we would suggest you read 504 Loans.

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