Loan Census Banking News and Information
December 24, 2024  
 
 
  Business Loan Information  
 

Orion, Illinois Business Loan

 
Loan Census SBA Loan Info

Looking for a Orion, Illinois small business loan? We were annoyed by how hard it was to find city-specific small business lenders so we created this page just for you.

This article is written specifically for small business owners in Orion, Illinois who are interested in getting a bank loan.

Local Orion Lenders

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

Small Business Bank Recent SBA Loans
Bankorion - Cambridge Office  
Bankorion - Moline Office  

SBA Lenders for Orion Businesses

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

Small Business Bank Recent SBA Loans
National City Bank
Bannockburn, IL
1

Orion Business Loan Advice

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 intend to to pay the loan back to the bank.

Being able to present a well-written business plan is an important prerequisite. If the loan 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, the bank may ask you to 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 the banks in our list are SBA lenders. Prior to visiting local banks, 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

If you are serious about Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review Bank Credit Lines.

Business Loan Sources for Other Cities in Illinois
Get a Business Loan in Olney
Get a Business Loan in Orland Park

Browse All Business Loan Sources for Illinois