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.
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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