Business Loans in Scandia, Minnesota

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No business loan companies in Scandia, MN. Consider companies in other cities:

Company nameAddressZip codePhone number
Marshall County State Bank 118 E Minnesota Ave, Newfolden, MN 56738 +1 (218) 874 - 7265
American National Bank of MN 24052 Smiley Rd, Nisswa, MN 56468 +1 (218) 568 - 4999
MidWestOne Bank 2270 W Frontage Rd, Stillwater, MN 55082 +1 (651) 439 - 3050
Security State Bank 232 Main St, Wanamingo, MN 55983 +1 (507) 824 - 2265
PawnWorks Burnsville 1301 Riverwood Dr, Burnsville, MN 55337 +1 (952) 736 - 7782
MT Trailers LLC 914 S Atlantic Ave, Hallock, MN 56728 +1 (218) 853 - 2080
First National Bank of Bagley 31 E Central St, Bagley, MN 56621 +1 (218) 694 - 6233
Compeer Financial 1791 Diagonal Rd, Worthington, MN 56187 +1 (507) 376 - 6400
Lake Area Bank 5795 Minnesota Ave N, Stillwater, MN 55082 +1 (651) 430 - 9500
TCF Bank 7155 E Point Douglas Rd S, Cottage Grove, MN 55016 +1 (800) 823 - 2265

Business Loan Companies in Nearby Cities

If there are no business loan companies in Scandia, MN, you can try to find different companies in big cities nearby. Check out the following pages here: Business Loans in Andover, MN, Business Loans in Burnsville, MN, Business Loans in Cottage Grove, MN, Business Loans in Duluth, MN, Business Loans in Eden Prairie, MN, Business Loans in Inver Grove Heights, MN, Business Loans in Lakeville, MN and Business Loans in Mankato, MN. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Scandia, MN.

Business Loans in Scandia, Minnesota

If you’re starting or running a business in Scandia, Minnesota, you might need to obtain a business loan at some point. Business loans provide you with the necessary funds to run your business or expand it. In Minnesota, business loans are legal and popular. In this article, we will explore the various types of business loans available in Scandia, Minnesota, the requirements for obtaining them, and the lending organizations that offer them.

Types of Business Loans

When searching for a business loan in Scandia, Minnesota, you can choose between different types of loans:

1. Traditional Bank Loans

Traditional banks offer business loans to small and medium-sized businesses. To qualify for a bank loan, you need to have a good credit score, an established credit history, and a solid business plan. In addition, you may need to offer some collateral, like property or equipment, to secure the loan. Bank loans typically offer lower interest rates and longer repayment periods than other types of loans.

2. SBA Loans

The Small Business Administration (SBA) provides loans to small businesses that can’t obtain financing from traditional banks. SBA loans have less stringent requirements than traditional bank loans, but they still require a good credit score and a sound business plan. SBA loans come in different forms, like 7(a) loans, microloans, and disaster loans.

3. Online Business Loans

You can also apply for a business loan online through lending platforms or alternative lenders. Online lenders offer quick and easy access to funds, but they often charge higher interest rates and shorter repayment periods. Some online lenders do not require collateral or have less stringent credit score requirements.

Requirements for Obtaining a Business Loan

The requirements for obtaining a business loan depend on the type of loan and the lender. However, there are some general requirements that apply to most business loans:

  • A good credit score
  • A solid business plan
  • Proof of revenue and profitability
  • Collateral (depending on the loan type)
  • Personal guarantee from the business owner

Lending Organizations in Scandia, Minnesota

There are several lending organizations in Scandia, Minnesota, that provide business loans:

1. Central Bank

Central Bank is a community bank that offers business loans to small and medium-sized businesses. They provide term loans, lines of credit, and SBA loans. To qualify for a loan, you need to have a good credit score, a solid business plan, and collateral (depending on the loan type).

2. Pioneer Bank

Pioneer Bank is a local bank that offers business loans to businesses in Scandia, Minnesota. They provide SBA loans, real estate loans, lines of credit, and equipment loans. To qualify for a loan, you need to have a good credit score, a sound business plan, and collateral (depending on the loan type).

3. TheGuaranteedLoans

TheGuaranteedLoans is an online lending platform that connects business owners with potential lenders. They provide access to a large network of lenders that offer different types of loans, including SBA loans, term loans, and lines of credit. To apply for a loan, you need to fill out an online application on their website. Please note that TheGuaranteedLoans is a connector service, not a direct lender, and they will facilitate your connection with potential lenders.

Interesting Facts about Business Loans in Scandia, Minnesota

  • The average interest rate on small business loans in Minnesota is 6.8%, lower than the national average of 9.2%.
  • The total value of SBA loans in Minnesota in 2020 was $664 million.
  • The unemployment rate in Scandia, Minnesota, is 2.5%, lower than the state and national average.
  • In 2020, Minnesota ranked #3 in the CNBC America’s Top States for Business rankings.

Apply Now

Are you ready to apply for a business loan in Scandia, Minnesota? TheGuaranteedLoans can help you find the right lender for your business needs. Fill out our online application now and get connected with potential lenders who can offer you the financing you need to grow your business. Please note that TheGuaranteedLoans is not a direct lender, and we do not make credit decisions. We are a connector service that helps you get in touch with potential lenders who can provide you with the financing you need.

Beautiful sights of Scandia, MN

Business Loans Available in Scandia, MN By The Following ZIP Codes:

55073

Scandia, MN business loan calculator

F.A.Q. About Business Loans

How do I apply for a business loan in Scandia, Minnesota?

To apply for a business loan in Scandia, Minnesota, you will need to gather all of the required documents and information, and then submit a loan application to the lender. This can typically be done online or in person.

How long does it take to get a business loan in Scandia, Minnesota?

The time it takes to get a business loan in Scandia, Minnesota will vary depending on the lender and the type of loan being applied for. In general, it can take several weeks to several months to get a decision on a loan application.