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

Rochester, Illinois Business Loan

 
Loan Census SBA Loan Info

Getting a business loan in Rochester, Illinois seems challenging at first, but we're here to help you get started.

These materials were prepared for small business owners in Rochester, Illinois who are interested in getting debt financing.

Business Loan Providers for Rochester Businesses

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

Small Business Bank Recent SBA Loans
Bank Of Springfield
Springfield, IL
1
Central Illinois Bank
Urbana, IL
1
Innovative Bank
Oakland, CA
1
Marine Bank, Springfield
Springfield, IL
2
National City Bank
Bannockburn, IL
1

Rochester Business Loan Advice

Before contacting lenders for a 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, describe what the money will finance, and show how you plan to pay the loan back to the lender.

Being able to present a well-written 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. In addition, you should itemize what collateral you have available to guarantee 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 to guarantee the loan with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 do your homework 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

Make it a priority to learn as much as you can about Raising Money. For starters, we recommend you read Borrowing Money from Friends and Family.

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