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

Farmersville, Illinois Small Business Loans

 
Loan Census SBA Loan Info

Getting a business loan in Farmersville, Illinois seems challenging at first, but we're here to help you get started.

If you are planning on applying for a small business loan and your business is based in Farmersville, Illinois, we've assembled a list of local small business banks that you should contact.

Local Farmersville Banks

Without further adieu, here's our list of small business banks in Farmersville.

Small Business Bank Recent SBA Loans
Bank & Trust Company  
Farmers & Merchants State Bank  

Lenders for Farmersville Businesses

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

Small Business Bank Recent SBA Loans
1st National Bank - Arenzville
Arenzville, IL
1

Farmersville Bank Loan Tips

As a prerequisite to meeting with banks for a 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, define how the money will be used, and show how you intend to to pay the loan back to the bank.

A well-defined business plan is is critically important. If the bank loan is to for a going concern, 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 you cannot repay the loan.

If the business has few assets, you will likely be asked to to guarantee the loan 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 these banks are SBA lenders. 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

Our Gaebler.com site is passionate about helping entrepreneurs, and we have a lot of information pertaining to to Raising Money. For example, we recommend you read Bank Credit Lines.

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