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

Small Business Lenders in Watford City, North Dakota

 
Loan Census SBA Loan Info

Raising money in Watford City, North Dakota? If so, you'll want to talk to some of these small business lenders in Watford City.

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

Local Watford City Business Lenders

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

Small Business Bank Recent SBA Loans
BNC National Bank  
Dakota West Credit Union  
First International Bank & Trust  
First International Investments  
First Internatl Bank & Tr 38
Mckenzie County Bank 1

Business Loan Advice for Watford City Businesses

Before reaching out to banks for a 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, define how the money will be used, and show how you intend to to pay the loan back to the bank.

Being able to present a well-written 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. 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, you will likely be asked to secure the business with 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 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

Take the time to learn as much as you can about Raising Money. For starters, we recommend you read Bank Credit Lines.

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