These materials were prepared for small business owners in Mason City, Illinois who are interested in getting a bank loan.
Local Mason City Lending Resources
To help you learn more about local small business lenders, here's our list of small business banks in Mason City.
Small Business Bank |
Recent SBA Loans |
1st State Bank of Mason City |
|
Lenders for Mason City Businesses
This is a list of banks outside of Mason City, Illinois that have provided SBA loans to Mason City businesses. Some of these may be national banks with local branch locations.
Mason City Business Loan Advice
As a prerequisite 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, walk the banker through the planned use of proceeds, and show how you intend to to pay the loan back to the bank.
Being able to present a well-written business plan is is critically important. If the loan 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 you cannot repay the loan.
If the business has few assets, the bank may ask you to 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 are SBA lenders. Before meeting with the banker, 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
Gaebler.com is a site that is dedicated to supporting entrepreneurs, and we have a
lot of information pertaining to to Raising
Money. To learn more, we recommend you read Business Line of Credit.
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