Murphysboro, Illinois Small Business Loans

Local Murphysboro Banks

To assist you in finding a small business banker, here's our list of small business banks in Murphysboro.

Banks that Lend to Murphysboro Businesses

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

Murphysboro Bank Loan Tips

Before meeting with lenders to get a bank loan, you will need to have a specific plan.

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 your ability to pay the money back to the lender.

Being able to present a well-written business plan is an important prerequisite. If the bank loan is to for a going concern, 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, the bank may ask you to to to guarantee the loan with your personal assets, such as the equity in your home. 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 the banks in our list participate in the financial assistance programs available through the SBA. Before you sit down to talk with a small business 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

Our Gaebler.com site is passionate about helping entrepreneurs, and we have a lot of information pertaining to to Raising Money. For example, we would suggest you read Getting a Small Business Loan.