Small Business Lenders in Litchfield, Illinois

Local Litchfield Lending Resources

To assist you in finding a small business banker, here's our list of small business banks in Litchfield.

Banks that Lend to Litchfield Businesses

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

Business Loan Advice for Litchfield Businesses

Before 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, describe what the money will finance, and show how you intend to to pay the loan back to the bank.

A well-defined business plan is an important prerequisite. 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 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. Prior to visiting local banks, 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

If you are new to our Gaebler.com site, you should know that we are deeply committed to aiding small business owners, and we have a lot of resources related to to Raising Money. If raising money is on your to-do list, we recommend you read SBIR Funding.