Prospect Heights, Illinois Business Loan

Local Prospect Heights Lenders

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

Banks that Lend to Prospect Heights Businesses

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

Prospect Heights Business Loan Advice

As a prerequisite to contacting lenders 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, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the lender.

A well-defined business plan is essential. If the loan is to for a company that is already doing 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 your individual retirement account or pension plan. The banks will check on your personal credit history 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 you sit down to talk with a small business banker, 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

Gaebler.com is a site that is passionate about providing advice to small business owners, and we have a lot of useful articles about to Raising Money. For example, we would suggest you read Find Start-Up Capital.