Loan Census Banking News and Information
December 24, 2024  
 
 
  Business Loan Information  
 

Coal City, Illinois Business Loan

 
Loan Census SBA Loan Info

Looking for a Coal City, Illinois small business loan? We were annoyed by how hard it was to find city-specific small business lenders so we created this page just for you.

We wrote this article for small business owners in Coal City, Illinois who are interested in getting a small business loan.

Local Coal City Lenders

To assist you in finding a small business banker, here's our list of small business banks in Coal City.

Small Business Bank Recent SBA Loans
Centrue Bank  

SBA Lenders for Coal City Businesses

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

Small Business Bank Recent SBA Loans
Capital One
Mclean, VA
1
Jpmorgan Chase Bank
Houston, TX
1

Coal City Business Loan Advice

Prior to reaching out to lenders 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, walk the banker through the planned use of proceeds, and show how you intend to to pay the loan back to the lender.

Being able to present a well-written business plan is an important prerequisite. If the bank loan 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 participate in the financial assistance programs available through the SBA. Prior to visiting local banks, 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 serious about Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review 504 Loans.

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