We wrote this article for small business proprietors in Oglesby, Illinois who are interested in getting debt financing.
Local Oglesby Business Lenders
To assist you in finding a small business banker, here's our list of small business banks in Oglesby.
Small Business Bank |
Recent SBA Loans |
Citizens First National Bank |
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Eureka Savings Bank |
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Business Loan Providers for Oglesby Businesses
This is a list of banks outside of Oglesby, Illinois that have provided SBA loans to Oglesby businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Oglesby
As a prerequisite to meeting with lenders to discuss getting a bank loan, you will need to have a specific plan.
You need to be able to clearly explain your business, explain how much you want to borrow, describe what the money will finance, and show how you plan to pay the loan back to the lender.
Having a business plan is is critically important. If the financing 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 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. Prior to visiting local banks, 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.
Gaebler.com Advice on Raising Money
If you are serious about Raising
Money, you need to educate yourself. If you haven't read it
already, we recommend you review
504 Loans.
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