Lakeshire Business Funding, a small-business funding broker in Duluth, Minnesota, answers frequent questions here: what a broker does, the difference between personal and business borrowing, how options are priced, which Minnesota records matter and what lending partners review. Lakeshire is a broker, not a lender; lending partners decide and set rates and terms.
About Lakeshire Business Funding
Is Lakeshire Business Funding a lender?
No. Lakeshire Business Funding is a broker, not a lender. We help you choose a funding type and prepare the request; lending partners decide and set the price and terms.
Where is Lakeshire Business Funding?
The address is 424 W Superior St, Duluth, MN 55802, on West Superior Street in Duluth, Minnesota. That street name sometimes confuses people searching for Superior, WI, which is a separate city across the state line. Call (218) 353-6774 to reach us.
Does Lakeshire handle personal, payday, auto title or home loans?
No. Lakeshire handles business funding requests and nothing else. For personal borrowing, go to a bank or credit union directly.
Do you offer grants?
No. Grant programs are run by public agencies and foundations, not brokers. The guide library points to free advisors who can tell you what is open.
Mixing personal and business money
Is a personal loan a sensible way to fund my business?
Some owners do, but a personal loan puts the debt in your own name and is underwritten on your personal finances. Business funding is underwritten on the business, though owners often guarantee it personally. Keeping the two apart also keeps the business's records clean for future lenders.
Can I lend personal money to my business?
Many owners put their own money in. Paper it as a loan, stating the amount, how and when it is paid back and any interest, and enter it in the books, because lenders reviewing the business will ask about money owed to owners. How it should be documented and taxed is a question for your accountant or attorney.
Business loan vs personal loan: which do partners prefer?
For business purposes, a business product is usually the cleaner route: it builds the business's own credit history and matches the debt to the business's income.
Options and pricing
What does it cost?
Each lending partner sets its own pricing based on the business, the product and the request. No rate, amount or approval can be promised in advance. Compare every offer by total cost and payment rhythm.
Where does a merchant cash advance fit, if it is not a loan?
A merchant cash advance is not a loan; it is a purchase of future receivables priced with a factor rate. The merchant cash advance page explains holdbacks and total remittance.
Can Lakeshire arrange an SBA loan?
No. Participating lenders make SBA-backed loans; Lakeshire has no role in them.
Preparing a request
Which documents does a lending partner usually want?
Usually recent business bank statements, details about the owners, and information about the business's standing and existing debt. Larger or longer requests can add tax returns or financial statements. The four steps describe the review.
Do my Minnesota business filings matter?
Yes. Partners commonly check that the business entity is active and its filings are current. The Minnesota filing checklist explains what to look at.
Can a business in Superior, WI or Cloquet, MN contact you?
Owners in Cloquet, MN and the rest of Carlton County can reach us by phone and online, the same as owners in Duluth, MN. For Superior, WI, see the Superior, WI page.
By Lakeshire Business Funding · Updated