Mount Morris, Illinois Small Business Loans

Local Mount Morris Lending Resources

To help you learn more about local small business lenders, here's our list of small business banks in Mount Morris.

Other Lending Resources for Mount Morris Businesses

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

Mount Morris Bank Loan Tips

Before 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 introduce your business to the banker, explain how much you want to borrow, describe what the money will finance, and show how you plan to pay the money back to the bank.

Having a business plan is is critically important. If the capital 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 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 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.

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Make it a priority to learn as much as you can about Raising Money. For starters, we recommend you read Borrowing Money from Friends and Family.