Downers Grove, Illinois Small Business Loans

Local Downers Grove Business Loan Sources

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

Business Loan Providers for Downers Grove Businesses

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

Downers Grove Bank Loan Tips

As a prerequisite to meeting with lenders for a 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, walk the banker through the planned use of proceeds, and show how you plan to pay the money back to the lender.

A well-defined business plan is an important prerequisite. 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 participate in the financial assistance programs available through the SBA. Prior to visiting local banks, 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

Our Gaebler.com site is devoted to providing advice to entrepreneurs, and we have a lot of useful articles about to Raising Money. For example, one article that might be of interest to you is Microlending as a Small Business Funding Source.