If you are planning on applying for a small business loan and your business is based in Armington, Illinois, we've assembled a list of local small business banks that you should contact.
Lenders for Armington Businesses
This is a list of banks outside of Armington, Illinois that have provided SBA loans to Armington businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Armington Businesses
As a prerequisite to meeting with banks for a loan, you will need to have a specific plan.
You need to be able to clearly explain your business, explain how much you want to borrow, describe what the money will finance, and show how you intend to to pay the loan back to the bank.
A well-defined business plan is an important prerequisite. If the bank loan is to for a company that is already doing business, you should also have financial statements covering the last three years. Bankers will also want to know what collateral you have available to secure the loan. Collateral is relevant because banks always
want to be prepared for a worst-case scenario in which you cannot repay the loan.
If the business has few assets, you will likely be asked to to guarantee the loan with your personal assets, such as the equity in your home. The banks will check on your personal credit history in any case, so hopefully you have good credit history
-- you may want to get a copy of your credit history prior to meeting with the banker.
Many of the banks in our list participate in the financial assistance programs available through the SBA. Prior to visiting local banks, you may want to read up on on SBA loans programs to see if you qualify. SBA 7(a) loans, SBA 504 loans and SBA disaster assistance loans may be available to you.
Gaebler.com Advice on Raising Money
If you are serious about Raising
Money, you need to learn as much as you can. If you haven't read it
already, we recommend you review
Only Idiots Send Venture Capitalists Business Plans.
More Business Lender Lists for Illinois Cities
Get a Business Loan in Arlington Heights
Get a Business Loan in Aurora
Browse All Business Loan Sources for Illinois