This article is written specifically for small business owners in Marshall, Illinois who are interested in getting debt financing.
Local Marshall Business Lenders
To assist you in finding a small business banker, here's our list of small business banks in Marshall.
Small Business Bank |
Recent SBA Loans |
First Bank & Trust |
|
First Financial Bank |
|
Other Lending Resources for Marshall Businesses
This is a list of banks outside of Marshall, Illinois that have provided SBA loans to Marshall businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Marshall
Prior to meeting with banks to discuss getting a bank 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 plan to pay the loan back to the bank.
Being able to present a well-written business plan is is critically important. If the money 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 cash flow from the business does not meet your projections.
If the business has few assets, you will likely be asked to secure the business 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 participate in the financial assistance programs available through the SBA. 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.
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