Small Business Lenders in Carbon Cliff, Illinois

Business Loan Providers for Carbon Cliff Businesses

This is a list of banks outside of Carbon Cliff, Illinois that have provided SBA loans to Carbon Cliff businesses. Some of these may be national banks with local branch locations.

Business Loan Advice for Carbon Cliff Businesses

Prior to contacting banks to get a bank 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 your ability to pay the loan 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. 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 cash flow from the business does not meet your projections.

If the business has few assets, you will likely be asked to secure the business 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 you sit down to talk with a small business banker, 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.

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If you are serious about Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review 504 Loans.