Business Loan Fairview Heights, Illinois

Local Fairview Heights Business Loan Sources

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

Business Loan Providers for Fairview Heights Businesses

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

Tips for Getting a Business Loan in Fairview Heights

Prior to contacting lenders to discuss getting 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 lender.

A well-defined business plan is an important prerequisite. If the money is to for a going concern, you should also have financial statements covering the last three years. In addition, you should itemize 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 you cannot repay the loan.

If the business has few assets, the bank may ask you to to secure the business with your personal assets, such as the equity in your home. 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 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

Our Gaebler.com site is devoted to helping small business owners, and we have a lot of useful articles about to Raising Money. For example, we recommend you read Getting a Small Business Loan.