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November 22, 2024  
 
 
  Business Loan Information  
 

Business Loan Monticello, Illinois

 
Loan Census SBA Loan Info

I need a loan for my business in Monticello, Illinois! If that's what's on your mind, you've come to the right place.

This article is written specifically for small business proprietors in Monticello, Illinois who are interested in getting debt financing.

Local Monticello Business Loan Sources

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

Small Business Bank Recent SBA Loans
Central Illinois Bank  
First Mid-illinois Bank & Trust 2

Other Lending Resources for Monticello Businesses

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

Small Business Bank Recent SBA Loans
Busey Bank
Champaign, IL
1
Business Loan Center, LLC
New York, NY
1
Capital One
Mclean, VA
2
Main Street Bank & Trust
Champaign, IL
1

Tips for Getting a Business Loan in Monticello

Before contacting banks to get a bank loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly explain your business, explain how much you want to borrow, define how the money will be used, and show how you plan to pay the loan back to the bank.

Having a business plan is is critically important. If the financing 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 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, you will likely be asked to secure the business with your personal assets, such as stocks and bonds that you might own or life insurance policies. The banks will look at your personal credit report 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. Before meeting with the banker, 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.

Gaebler.com Advice on Raising Money

Gaebler.com is a site that is passionate about aiding entrepreneurs, and we have a lot of resources related to to Raising Money. For example, one article that might be of interest to you is 504 Loans.

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