If you are planning on applying for a small business loan and your business is based in Hoffman, Illinois, we've put together a list of local small business banks that you should contact.
Local Hoffman Lenders
Without further adieu, here's our list of small business banks in Hoffman.
Banks that Lend to Hoffman Businesses
This is a list of banks outside of Hoffman, Illinois that have provided SBA loans to Hoffman businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Hoffman Businesses
As a prerequisite to contacting banks for a loan, you will need to develop the specifics of your loan request.
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 bank.
Having a business plan is is critically important. If the financing 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 pledge your personal assets, such as your individual retirement account or pension plan. 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. 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
Make the effort and learn as much as you can about Raising
Money. For starters, we recommend you read
Getting a Small Business Loan.
More Business Loan Info for Illinois
Get a Business Loan in Hinsdale
Get a Business Loan in Hoffman Estates
Browse All Business Loan Sources for Illinois