Small Business Lenders in Itasca, Illinois

Local Itasca Banks

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

Business Loan Providers for Itasca Businesses

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

Business Loan Advice for Itasca Businesses

Prior to reaching out to lenders 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 how you intend to to pay the loan back to the lender.

Being able to present a well-written business plan is an important prerequisite. If the money is to for an existing business, 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 cash flow from the business does not meet your projections.

If the business has few assets, you will likely be asked to to guarantee the loan with 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. Before you sit down to talk with a small business banker, 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

Gaebler.com is a site that is devoted to aiding small business owners, and we have a lot of useful articles about to Raising Money. To learn more, one article that might be of interest to you is Business Line of Credit.