Park Forest, Illinois Small Business Loans

Local Park Forest Lenders

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

SBA Lenders for Park Forest Businesses

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

Park Forest Bank Loan Tips

As a prerequisite to meeting with banks to discuss getting a bank 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, describe what the money will finance, and show how you intend to to pay the loan back to the bank.

Being able to present a well-written business plan is essential. If the money 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 you cannot repay the loan.

If the business has few assets, you will likely be asked to secure the business with 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 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 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.

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Gaebler.com is a site that is all about aiding small business owners, and we have a lot of resources related to to Raising Money. To learn more, one article that might be of interest to you is 504 Loans.