These materials were prepared for small business proprietors in East Dubuque, Illinois who are interested in getting a small business loan.
Local East Dubuque Lending Resources
To help you learn more about local small business lenders, here's our list of small business banks in East Dubuque.
Small Business Bank |
Recent SBA Loans |
East Dubuque Savings Bank - East Dubuque Location |
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Edsb |
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Banks that Lend to East Dubuque Businesses
This is a list of banks outside of East Dubuque, Illinois that have provided SBA loans to East Dubuque businesses. Some of these may be national banks with local branch locations.
East Dubuque Business Loan Advice
Prior to contacting lenders for a loan, you will need to determine exactly what size loan you will be asking for.
You need to be able to clearly explain your business, explain how much you want to borrow, define how the money will be used, and show how you plan to pay the loan back to the lender.
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. 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, the bank may ask you to to secure the business with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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. Before meeting with the 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.
Gaebler.com Advice on Raising Money
Gaebler.com is a site that is deeply committed to aiding entrepreneurs, and we have a
lot of information pertaining to to Raising
Money. If you want to learn about raising money, we would suggest you read 504 Loans.
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