Business Loan Clay City, Illinois

Local Clay City Lending Resources

To help you learn more about local small business lenders, here's our list of small business banks in Clay City.

Other Lending Resources for Clay City Businesses

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

Tips for Getting a Business Loan in Clay City

Before reaching out to lenders to discuss getting a bank loan, you will need to develop the specifics of your loan request.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show how you plan to pay the money back to the lender.

Having a business plan is an important prerequisite. If the financing is to for a going concern, you should also have financial statements covering the last three years. You will also need to discuss 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 your individual retirement account or pension plan. The banks will look at your personal credit report 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. Before you sit down to talk with a small business banker, you may want to do your homework 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

Take the time to learn as much as you can about Raising Money. To get started, we suggest you read 504 Loans.