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

Kell, Illinois Small Business Loans

 
Loan Census SBA Loan Info

Raising money in Kell, Illinois? If so, you'll want to talk to some of these small business lenders in Kell.

If you are hoping to get a small business loan and your business is based in Kell, Illinois, we've put together a list of local small business banks that you should contact.

Other Lending Resources for Kell Businesses

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

Small Business Bank Recent SBA Loans
First Bank
Salem, IL
1
Superior Financial Group, LLC
Walnut Creek, CA
1

Kell Bank Loan Tips

Before reaching out to lenders to discuss getting a bank loan, you will need to develop the specifics of your loan request.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, define how the money will be used, and show your ability to pay the money back to the lender.

A well-defined business plan is is critically important. If the financing is to for a company that is already doing business, you should also have financial statements covering the last three years. In addition, you should itemize what collateral you have available to guarantee 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 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 the banks in our list participate in the financial assistance programs available through the SBA. 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

If you are planning on Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review Attracting Investors.

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