This article is written specifically for entrepreneurs in Minneapolis, Minnesota who are interested in getting debt financing.
Prior to reaching out to lenders to discuss getting a bank loan, you will need to determine exactly what size loan you will be asking for.
You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show how you plan to pay the money back to the lender.
A well-defined business plan is an important prerequisite. If the money is to for a going concern, you should also have financial statements covering the last three years. In addition, you should itemize 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 stocks and bonds that you might own or life insurance policies. 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 are SBA lenders. Before meeting with the banker, you may want to get up to speed 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.
To help you learn more about local small business lenders, here's our list of small business banks in Minneapolis.
| Small Business Bank |
Recent SBA Loans |
| 21st Century Bank |
|
| ABN AMRO Bank |
|
| Alliance Bank |
|
| Al's Check Cashing |
|
| American Frontier Mortgage Corporation |
|
| AMERICAN SUMMIT LENDING CORPORATION |
|
| Anchor Bank |
|
| Aspenwall Company |
|
| Associated Bank |
|
| Associated Investment Services |
|
| Associated Wealth Management |
|
| B NC National Bank |
|
| Baja Sol US Bank Plaza |
|
| Bank Financial Services Inc |
|
| Bank of New York |
|
| Bankfirst |
|
| Blaine State Bank |
|
| Blake- Wayne L |
|
| BNC NATIONAL BANK |
3 |
| Boundary Waters Community Bank |
|
| Bremer - Bremer Bank- Eden Prairie |
|
| Bremer - Bremer Bank- Edina |
|
| BREMER BANK NATL ASSOC |
1 |
| Bremer Investments |
|
| Centennial Lakes BLDG V |
|
| Central Bank |
|
| Century Bank |
|
| Cheung- Daniel K |
|
| Citizens Independent Bank |
|
| Comerica Bank & Trust |
|
| Community Bank Plymouth |
|
| Community First National Bank |
|
| Conroy- Mary K |
|
| Crown Bank |
|
| Dearey Mortgage |
|
| Doyle Security Products |
|
| Eagle Crest Capital Bank |
|
| EASTBANK |
27 |
| Excel Bank |
|
| Federal Reserve Bank of Minneapolis |
|
| Fifth at Fifth |
|
| First Advantage Bank |
|
| First Commercial Bank |
|
| First Community Credit Union |
|
| First Minnesota Bank |
|
| First National Bank |
|
| FIRST NATL BK - LAKES |
14 |
| Firstar Bank |
|
| Franklin National Bank |
|
| FRANKLIN NATL BK - MINNEAPOLIS |
7 |
| Guaranty Bank |
|
| Hanson- Joseph M |
|
| HIGHLAND BANK |
5 |
| Interbank Fsb |
|
| James D Phillips Ins Agcy Inc |
|
| Lasalle Bank NA |
|
| Leintz- Julius A |
|
| M & I Bank |
|
| M&I MARSHALL & ILSLEY BANK |
14 |
| MAINSTREET BANK |
1 |
| Marquette Commercial Finance- Inc. |
|
| Marshall Bank N A |
|
| McKay- Robert P |
|
| NCB Mortgage Company |
|
| Nelson Michael C Agency Inc |
|
| Neuberger- Robert F |
|
| NORTH AMERICAN BANKING COMPANY |
1 |
| NORTHEAST BANK |
6 |
| Northeast State Bank of MPLS |
|
| Northern Mortgage |
|
| PEOPLES BANK OF COMMERCE |
6 |
| Polypro International Inc |
|
| Premier Banks - Blaine Walmart Office |
|
| Premier Banks - Bloomington Office |
|
| PRIVATE BANK MINNESOTA |
2 |
| Private Bank of Minnesota |
|
| Richfield Bank |
|
| RIDGEDALE STATE BANK |
1 |
| Security Products Company |
|
| Silicon Valley Bank |
|
| Smarte Cash International Inc |
|
| Stearns Bank-Twin Cities |
|
| Sterling State Bank |
|
| T CF Bank - Corporate Subsidiaries and Divisions- TCF Human Resources |
|
| T CF Bank - TCF Agency- Corporate Subsidiaries and Divisions |
|
| TCF Bank |
|
| TCF FOUNDATION |
2 |
| Textron Financial Corporation |
|
| The National Bank |
|
| THRIVENT FINANCIAL BANK |
1 |
| Trade Acceptance Group Limited |
|
| U S Bank |
|
| Union Bank and Trust CO |
|
| United Bankers Bank |
|
| Universal Savings Bank |
|
| US Bank |
|
| Vagle- Merle R |
|
| Verizon Wireless - Communication Stores- Minneapolis- US Bank BLDG |
|
| Village Bank |
|
| Wachovia Small Business Capital |
|
| Walz- Robert L |
|
| Wausau Financial Systems Inc |
|
| Wells Fargo |
|
| WESTERN BANK |
17 |
More Advice on Raising Money
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