The best small business loans for St. Paul, 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 St. Paul, MN

We're proud to work with small businesses across various industries in St. Paul, 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 St. Paul, 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 St. Paul, 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 St. Paul, MN

How to get a small business loan in St. Paul, MN?

If you’re looking to get a small business loan in St. Paul, 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 St. Paul, 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 St. Paul, 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.

St Paul, MN

St Paul, MN

 
Where do you borrow money for business in St. Paul, MN?

There are several options for borrowing money for a business in St. Paul, MN. Some of the most common options include:

  • Local banks and credit unions: Many banks and credit unions in St. Paul offer business loans to small business owners. Depending on the lender, these loans may come with varying interest rates and requirements.
  • Online lenders: Many online lenders offer business loans to small business owners. These lenders often have more lenient requirements than traditional lenders and can provide funding quickly.
  • Community development financial institutions (CDFIs): CDFIs are nonprofit organizations that provide financing and other services to underserved communities. They may offer business loans to small businesses that need help qualifying for loans from traditional lenders.
  • Friends and family: In some cases, small business owners may be able to borrow money from friends and family members to start or grow their businesses. This can be a good option for those with a strong support network and who are comfortable with the potential risks involved.

It's important to do your research and compare your options carefully before choosing a lender. Each lender will have its own requirements and interest rates, so make sure you understand what you're getting into before signing on the dotted line.

What is the interest rate on a business loan in St. Paul, MN?

The interest rate on a business loan in St. Paul, MN, can vary depending on several factors, such as the loan amount, the lender, the borrower's creditworthiness, and the loan term. Typically, interest rates for small business loans range from 4% to 20% or more. It's important to shop around and compare offers from multiple lenders to find your business's best interest rate and terms. Some lenders may also charge additional fees or require collateral or a personal guarantee, which can affect the total cost of the loan.

Do banks give loans to businesses in St. Paul, MN?

Yes, banks give loans to businesses in St. Paul, MN. Banks are one of the primary sources of business loans, and many banks in St. Paul offer business loans. It's important to shop around and compare rates and terms from different banks before choosing a lender.

What type of loan is available for entrepreneurs in St. Paul, MN?

Entrepreneurs in St. Paul, MN have access to various loans to help start or grow their businesses. Here are some of the most common types of loans available:

  • SBA Loans. The SBA offers a range of loan programs, including 7(a) loans, microloans, and disaster loans. These loans are designed to finance small businesses that may not qualify for traditional bank loans. SBA loans are made by private lenders but are guaranteed by the government, which reduces the risk for the lender and makes it easier for small businesses to obtain financing.
  • Business Lines of Credit. A business line of credit is a financing option that gives entrepreneurs access to funds as needed, but only up until a predetermined limit. It can be used for various purposes, from covering short-term expenses to taking advantage of unexpected opportunities.
  • Equipment Financing. Equipment financing is a type of loan that is used to purchase equipment for a business. The kit serves as collateral for the loan, reducing the lender's risk and making it easier for entrepreneurs to qualify for financing.
  • Invoice Financing. Invoice financing, also known as accounts receivable financing, is a type of loan that provides entrepreneurs with cash upfront for outstanding invoices. The lender offers a percentage of the invoice upfront, and the borrower repays the loan once the customer pays the invoice.
  • Business Credit Cards. Business credit cards can be a convenient way for entrepreneurs to finance business expenses. Business credit cards typically offer rewards or cashback programs, and can help entrepreneurs build their credit history.

Small business loans available in every city in Minnesota

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