Business Loan Glossary Minnesota

The following contains a glossary with terms and information you should know about a business loan . Read on if you are interested in obtaining a business loan in Minnesota and want to get started.

Local Companies

Wells Fargo Financial
(763) 546-8455
10100 Sixth Ave. N.
Minneapolis, MN
St Louis-County of
(218) 726-2535
320 W 2nd St
Duluth, MN
North Shore Mortgage
(218) 625-1263
902 Stanley Ave
Cloquet, MN
Lifetime Financial Services
(218) 233-5626
Moorhead, MN
First Equity Mortgage
(218) 263-7283
3709 1st Ave
Hibbing, MN
Wells Fargo Home Mortgage
(218) 846-1335
211 Holmes St W
Detroit Lakes, MN
First Southeast Bank
(507) 886-6922
3 Main Ave N
Harmony, MN
Agstar Financial Services Aca
(507) 376-4144
1791 Diagonal Rd
Worthington, MN
Wells Fargo Financial Acceptance
(218) 727-5747
4886 Miller Trunk Hwy
Hermantown, MN
Farm Credit Services of Minnesota Valley
(320) 523-1216
1815 W Lincoln Ave
Olivia, MN

The following information was sourced from businesstown.com.

Accounts Receivable Financing - A loan gained by borrowing against receivables. Loans are paid down as receivables are collected.

Annual Fee - The amount charged by the lender each year to cover the administrative costs of the loan.

Business Credit Card - An amount of money, which a business can borrow against at times it needs capital. Using a card accesses the money.

Commercial Real Estate Loans - Similar to residential mortgages, but collateral is business property. Interest rates are usually fixed, the length of the loan can range from 5 - 20 years and payments due monthly.

Commercial Term Loans - Loans made to businesses that can be either secured and unsecured. Usually made to mid-size and large businesses.

Credit Rating - A predictor of the ability to pay back a loan. The credit rating is a result of credit scoring.

Credit Report - Financial history supplied by a credit information company like Dun and Bradstreet, Equifax, Experian or TransUnion. Contains credit information on a business or an individual, including payment history of bank cards, store cards, mortgages, student loans, and trade payments.

Credit Scoring - The evaluation system used by lending institutions to determine relative credit riskiness of a business or consumer. When evaluating businesses, it generally considers factors such as credit payment history, new credit sought by owner of business, and financial strength and longevity of business.

CreditFYI - A web site for checking business credit reports.

Debt Financing - A loan with pre-agreed terms, including payback schedule and interest.

Dun & Bradstreet - Leading provider of business credit information.

Equifax - One of three leading providers of personal credit information.

Equipment Leases - Leases allowing companies to purchase new equipment.

Experian - One of three leading providers of personal and business credit information.

Fixed Interest Rate - An interest rate that is the same throughout the life of a loan.

Interest Rate - The amount charged by a lender for the money borrowed. It can be fixed or variable.

Inventory Financing - Money borrowed on the basis of finished inventory. The loan is paid as inventory is sold.

Line of Credit - An amount of money, which a business can borrow against at times it needs capital. Often accessed by check, ATM, or business card.

LiveCapital.com - A web site for small business loan offers from a variety of lenders instantly.

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Featured Local Company

Wells Fargo Financial

7635468455
10100 Sixth Ave. N.
Minneapolis, MN

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