Loan Census Banking News and Information
November 14, 2024  
 
 
  Business Loan Information  
 

Wahpeton, North Dakota Small Business Loans

 
Loan Census SBA Loan Info

Getting a business loan in Wahpeton, North Dakota seems challenging at first, but we're here to help you get started.

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

Local Wahpeton Lenders

Without further adieu, here's our list of small business banks in Wahpeton.

Small Business Bank Recent SBA Loans
American Federal Bank  
Bank Of The West 1
Bremer - Bremer Bank  
Gate City Bank  
People's State Bank  
US Bank - Branch Offices- Wahpeton Office  
Wells Fargo Bank NA - Wahpeton ND  

Business Loan Providers for Wahpeton Businesses

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

Small Business Bank Recent SBA Loans
Bank Of The West
Salt Lake City, UT
1
Peoples State Bank
Fairmount, ND
2
Wells Fargo Bank
Minneapolis, MN
4
Wells Fargo Bank
San Jose, CA
2

Wahpeton Bank Loan Tips

Before reaching out to banks to get a bank 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 how you plan to pay the loan back to the bank.

Having a business plan is an important prerequisite. If the bank loan is to for a company that is already doing business, 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 cash flow from the business does not meet your projections.

If the business has few assets, the bank may ask you to to to guarantee the loan with your personal assets, such as your individual retirement account or pension plan. 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 these banks participate in the financial assistance programs available through the SBA. Before meeting with the 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.

Gaebler.com Advice on Raising Money

If you are new to our Gaebler.com site, you should know that we are devoted to helping entrepreneurs, and we have a lot of resources related to to Raising Money. For example, we recommend you read Realistic Debt Financing Options.

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