Small Business Lenders in Oswego, Illinois

Local Oswego Banks

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

Other Lending Resources for Oswego Businesses

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

Business Loan Advice for Oswego Businesses

Prior to reaching out to banks for a loan, you will need to develop the specifics of your loan request.

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 an important prerequisite. If the capital is to for a company that is already doing business, you should also have financial statements covering the last three years. In addition, you should itemize 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 pledge your personal assets, such as your individual retirement account or pension plan. 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. 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

If you are new to our Gaebler.com site, you should know that we are passionate about providing advice to small business owners, and we have a lot of information pertaining to to Raising Money. If you want to learn about raising money, we recommend you read 504 Loans.