Minnesota Business Loans
Financing for Companies in Minnesota
Minnesota, “The North Star State” is made up of over 10,000 lakes and is home to the Mall of America, the largest shopping mall in the country. Although there are over 15 Fortune 500 companies that operate in Minnesota, small business owners are crucial to the state’s economy. SMB Compass works with business owners in Minnesota in a wide range of industries to provide the financing solutions they need.
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Manufacturing Loans in Minnesota
Minnesota is home to major companies such as Best Buy, Target, General Mills, and Land ‘o Lakes. These larger companies provide smaller businesses with unique opportunities to bring in additional revenue. It is common to see a larger business look towards small businesses to allocate some of the responsibilities, rather than spend the time and resources focusing on something they do not specialize in. Manufacturing loans in Minnesota allow smaller businesses to take on purchase orders and contracts that are bigger than they are accustom to. In the manufacturing industry it is difficult to allocate working capital to handle the capacity of demands. Small business loans in Minnesota help provide business owners with the funds necessary to buy the materials and inventory necessary to fulfill purchase orders.
Hospitality Loans in Minnesota
The tourism industry is Minnesota is booming and is a large source of revenue for the local economy. The Great Lakes and the historic Mall of America are both major tourist attractions for Minnesota. The Mall of America generates over 40 million visitors a year, with visitors coming from around the state as well as across the country .
Small businesses loans in Minnesota allow businesses to cover expenses and capitalize on new opportunities. In recent years, Minnesota has hosted some of the biggest sporting events in the country, Super Bowl 52 and the 2019 College Basketball Final 4. Restaurant and hotel loans in Minnesota provide the financing needed to cover overhead and continue to expand.
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Agriculture Loans in Minnesota
The agriculture industry is one of the main sources of revenue for Minnesota’s economy. Corn and soybeans are the two of the top revenue producing crops in the entire state. The winter months have very low temperatures and leave farmers vulnerable. A business loan in Minnesota helps bridge the cash flow gap and makes sure business expenses are covered during the winter months. Minnesota’s economy is also reliant on the natural resources that are produced in the state. Mining very prevalent, primary focusing on copper, nickel, manganese, platinum and titanium. Small business loans and equipment financing in Minnesota are used to cover expenses and purchase machinery.
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Small Business Loans in Minnesota
Here are the many ways to use a small business loan in Minnesota
Acquire small business loans
Refinance existing loans and credit card debt
Purchase or refinance commercial real estate
Buy or lease machinery and equipment
Purchase inventory and raw materials
Improve cash flow
Marketing and advertising campaigns
Upgrade technology and business software
Renovate existing office space
Day-to-day operating expenses
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