The best small business loans for Bloomington, MN

Take your business to new heights with the right financing

  • Apply in less than 60 seconds
  • Wide range of financing option for every need
  • Competitive rates and terms
  • Personalized service
  • Dedicated support team

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Industries we work with in Bloomington, MN

We're proud to work with small businesses across various industries in Bloomington, MN. Whether you're in healthcare, construction, or technology, we're here to help you grow and succeed. Our financing solutions are customized to meet your needs, so you can focus on what you do best - running your business!

Here are some of the many industries we serve:

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    Construction

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    Medical Practices

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    Beauty Salons

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    Retail Stores

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    Restaurants

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    Hotels

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    Manufacturing

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    Staffing

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    Automotive Businesses

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    Landscaping

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    Toy Businesses

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    Transportation

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    IT

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    Professional Services

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    Veterinary Practices

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    Franchise Businesses

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See why thousands of businesses have made SMB Compass

the top-rated small business loan provider in Bloomington, MN

Garrett Cushing
Garrett Cushing
November 30, 2021.
Diligent and honest people to work with. SMB has been a great resource for my business, helped me through a variety of different financing over the years.
John Limato
John Limato
November 16, 2021.
I rarely write reviews but felt the need to thank the SMB team. Found them to be honest people that took the time to understand my business and walked me through the entire process.
Connor Johnson
Connor Johnson
November 4, 2021.
SMB helped me navigate through the growth period in my business. They were diligent and genuinely cared to make sure we got the percent line in place to meet our current needs. Very happy I was introduced to them and would highly recommend.
Michelle Cota
Michelle Cota
October 27, 2021.
I am so happy that SMB was able to help our company when we were in a jam. They were so attentive and so easy to work with. Helped step by step to get financed. Thank you Clay!
Veronica Akins
Veronica Akins
October 14, 2021.
SMB Compass was helpful and fast. They kept in contact and answered all my questions. The best part of our interactions was that the lender could have given me an extremely high interest rate loan when I thought that was my only option, but he instead told me of another option that fit our needs much better and saved us money! Thank you Clay
John Folco
John Folco
October 13, 2021.
True experts in the Commerical finance space. Great company to work with, look forward to a continued relationship.
Pat Mcandrews
Pat Mcandrews
October 8, 2021.
Great team of professionals to work with. Incredibly responsive and great problem solvers. Would recommend them to anybody.
Haroon S
Haroon S
September 22, 2021.
Clay was great to work with. Very responsive and great communication.
John Lutz
John Lutz
September 15, 2021.
Great people to work with. They were transparent and helpful from the first call to closing. I would recommend them to anyone in my network.
Matthew Seymour
Matthew Seymour
July 16, 2021.
Clay & Matt are experts in the industry and they are able to advise on a number of topics.

Learn more about our loan packages

The best small business loan in Bloomington, MN

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    SBA Loans

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    Term Loan

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    Invoice Financing

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    Business Line of Credit

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    Inventory Financing

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    Bridge Loans

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    Equipment Financing

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    Asset Based Loans

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    Purchase Order Financing

FAQs about small business loans in Bloomington, MN

How to get a small business loan in Bloomington, MN?

If you’re looking to get a small business loan in Bloomington, MN, here’s what you should do:

  1. Know what you need. Before applying for a loan, get a clear idea of how much money your business needs and how you will use the funds. Doing so can help identify the best type of loan for your needs.
  2. Check your credit score. Many lenders in Bloomington, MN, will look at your credit score when reviewing your application, so knowing where you stand is important. If your score is less than ideal, consider improving it by making timely payments, keeping old accounts open, and limiting new credit applications.
  3. Research lenders. Many different types of lenders offer small business loans in Bloomington, MN, including banks, credit unions, and online lenders. Research to find out which ones best fit your needs and qualifications.
  4. Prepare your application. Once you’ve identified potential lenders, prepare your loan application carefully. This may include providing financial statements, tax returns, and other documentation demonstrating your ability to repay the loan.
  5. Apply for the loan. If you’ve found a lender you’re comfortable with, it’s time to start your application. The process varies from lender to lender, but essentially, you need to submit your loan application along with the required documents. You also need to prepare to answer any additional questions the lender may have.
  6. Wait for a decision. The lender will then review your application and decide whether to approve your loan or not. Funding speed depends on the lender and loan type. Banks usually take weeks or months, while online lenders can fund your business in a day.

Bloomington, MN

Bloomington, MN

 
What is the most common type of small business loan in Bloomington, MN?

Small businesses in Bloomington, MN have various financing options, including loans, lines of credit, and other forms of financing. The most common type of small business loan in Bloomington, MN is the Small Business Administration (SBA) loan.

The SBA loan program is a government-backed loan program that provides financing to small businesses through a network of lenders. The SBA guarantees a portion of the loan, which reduces the risk for lenders and makes it easier for small businesses to qualify for financing. SBA loans can be used for various purposes, including working capital, inventory, equipment, and real estate.

How do I approach someone in Bloomington, MN, for a business loan?

Approaching someone in Bloomington, MN, for a business loan can seem daunting, but it can be a relatively straightforward process with the right approach. Here are some steps to follow:

  • Identify potential lenders. Research potential lenders in Bloomington, MN, who may be interested in financing your business. You can start with local banks, credit unions, financial institutions, and online lenders.
  • Prepare a business plan. A well-prepared business plan is essential when seeking a business loan. Your plan should include your company's mission statement, market analysis, financial projections, and other relevant information to help lenders assess your business's viability.
  • Determine your financing needs. Before approaching a lender, you should have a clear understanding of how much money you need and what you plan to use it for. This information will help lenders determine which loan product is right for you.
  • Schedule a meeting. Contact the lender you're interested in working with and schedule an appointment to discuss your financing needs. Bring your business plan and any other relevant documents to the meeting.
  • Make a strong case for your business. During the meeting, make a strong case for your business. Explain why your business is a good investment and how you plan to use the funds to grow and succeed. Be prepared to answer any questions the lender may have.
  • Review loan terms and conditions. If the lender is interested in working with you, they will provide you with loan terms and conditions to review. Carefully review these documents and ask any questions you may have before accepting the loan.
What is the easiest loan in Bloomington, MN, right now?

It is difficult to determine which loan is the easiest to get in Bloomington, MN, right now, as obtaining a loan depends on several factors, including the borrower's credit score, income, debt-to-income ratio, and the lender's requirements. However, here are some loan options that may be easier to obtain for specific borrowers:

  • Payday loans. Payday loans are short-term loans typically due on the borrower's next payday. They are usually available to borrowers with bad or no credit and require minimal documentation. However, payday loans often come with high-interest rates and fees, making them costly.
  • Personal loans from online lenders. Online lenders offer personal loans that are often easier to obtain than traditional bank loans. They typically have a faster application and approval process and may be available to borrowers with lower credit scores. However, online lenders may charge higher interest rates than banks or credit unions.
  • Secured loans. Secured loans are loans backed by collateral, such as a car or house. Because the loan is secured, the lender may be more willing to lend to borrowers with lower credit scores or limited credit history. However, if the borrower cannot repay the loan, the lender may seize the collateral to recover their losses.
  • Credit builder loans. Credit builder loans are loans designed to help borrowers build or improve their credit scores. They are typically small loans with short repayment terms and low-interest rates. Credit builder loans may be easier to obtain than other types of loans, as they are designed for borrowers with little credit history or poor credit scores.

It's important to note that while these loans may be easier to obtain, they may come with higher interest rates, fees, or other costs. Borrowers should carefully consider the terms of any loan before accepting it and ensure that they can afford to repay the loan on time. Additionally, borrowers should always try to improve their credit scores and financial situation to increase their chances of obtaining more favorable loan terms.

Can I get a loan if I have no credit?

Yes, it is possible to get a loan if you have no credit, but it may be more challenging than getting a loan with established credit. Having no credit history means that lenders cannot assess your ability to repay a loan, making them hesitant to lend you money.

However, there are still some options available for individuals with no credit:

  • Secured loans. Some lenders may offer secured loans requiring collateral such as a car or savings account. You can qualify for a loan even without established credit by providing collateral.
  • Cosigned loans. If you have a family member or friend with good credit, they may be willing to cosign a loan for you. By cosigning, they are responsible for repaying the loan if you cannot.
  • Alternative credit data. Some lenders may consider alternative credit data, such as your payment history for rent, utilities, or other bills when evaluating your creditworthiness. This can establish a credit history and qualify you for a loan.
  • Credit builder loans. Some credit unions and banks offer credit builder loans designed to help individuals establish credit. These loans work by setting aside the loan amount in a savings account, which you can use to pay the loan. As you make payments on time, your credit score can improve.

If you have no credit, it's essential to be cautious when applying for loans and to compare rates and terms from multiple lenders. Be prepared to provide documentation of your income and employment, and consider enlisting the help of a financial advisor or credit counselor to help you navigate the loan application process.

Small business loans available in every city in Minnesota

  • Plymouth

  • Woodbury

  • Maple Grove

  • Lakeville

  • Blaine

  • St. Cloud

  • Eagan

  • Eden Prairie

  • Burnsville

  • Coon Rapids

  • Apple Valley

  • Minnetonka

  • Edina

  • St. Louis Park

  • Moorhead

  • Mankato

  • Shakopee

  • Maplewood