Palos Hills, Illinois Business Loan

Local Palos Hills Business Lenders

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

Lenders for Palos Hills Businesses

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

Palos Hills Business Loan Advice

As a prerequisite to contacting banks for a loan, you will need to determine exactly what size loan you will be asking for.

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 an important prerequisite. If the capital is to for an existing 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, the bank may ask you to to to guarantee the loan 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 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 new to our Gaebler.com site, you should know that we are deeply committed to providing advice to small business owners, and we have a lot of resources related to to Raising Money. For example, we would suggest you read Only Idiots Send Venture Capitalists Business Plans.