These materials were prepared for small business proprietors in Arthur, Illinois who are interested in getting a bank loan.
Local Arthur Banks
To assist you in finding a small business banker, here's our list of small business banks in Arthur.
Small Business Bank |
Recent SBA Loans |
Arthur Community Bank |
|
Central Illinois Bank |
|
Business Loan Providers for Arthur Businesses
This is a list of banks outside of Arthur, Illinois that have provided SBA loans to Arthur businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Arthur
Prior to contacting banks to discuss getting a bank loan, you will need to have a specific plan.
You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, define how the money will be used, and show your ability to pay the money back to the bank.
Having a business plan is essential. If the capital is to for an existing business, you should also have financial statements covering the last three years. In addition, you should itemize what collateral you have available to guarantee 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 are SBA lenders. Before meeting with the banker, you may want to get up to speed 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 planning on Raising
Money, you need to get up to speed on the subject. If you haven't read it
already, we recommend you review
Attracting Investors.
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