Lake Bluff, Illinois Small Business Loans

Local Lake Bluff Lending Resources

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

Lenders for Lake Bluff Businesses

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

Lake Bluff Bank Loan Tips

Before contacting banks to get 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, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the bank.

Having a business plan is essential. If the financing is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know 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 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 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 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

Invest the time to learn as much as you can about Raising Money. To get the ball rolling, we recommend you read Business Incubators.