Loan Census Banking News and Information
November 14, 2024  
 
 
  Business Loan Information  
 

Small Business Lenders in Mattoon, Illinois

 
Loan Census SBA Loan Info

Small business loans in Mattoon, Illinois are available. You just need to talk to the right bank.

If you are planning on applying for a small business loan and your business is based in Mattoon, Illinois, we've assembled a list of local small business banks that you should contact.

Local Mattoon Business Loan Sources

Without further adieu, here's our list of small business banks in Mattoon.

Small Business Bank Recent SBA Loans
Bank Of America  
First Federal Savings & Loan Association  
First Mid-illinois Bank & Trust 23
The First National Bank 2

Lenders for Mattoon Businesses

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

Small Business Bank Recent SBA Loans
American Enterprise Bank
Buffalo Grove, IL
1
Banco Popular North America
New York City, NY
1
Bank Of America
Charlotte, NC
1
Capital One Bank (usa)
Glen Allen, VA
1
Community Bank
Hoopeston, IL
1
First Mid-illinois Bank & Trust
Charleston, IL
3
First Mid-illinois Bank & Trust
Effingham, IL
1
First Neighbor Bank
Charleston, IL
2
Marine Bank, Springfield
Springfield, IL
1
Superior Financial Group, LLC
Walnut Creek, CA
1
U.S. Bank National Association
Cincinnati, OH
1
Wells Fargo Bank
San Jose, CA
1

Business Loan Advice for Mattoon Businesses

As a prerequisite to contacting banks to discuss getting a bank loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly introduce your business to the banker, 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 money back to the bank.

Having a business plan is is critically important. If the capital is to for a going concern, you should also have financial statements covering the last three years. You will also need to discuss 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 pledge your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 meeting with the 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.

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