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December 24, 2024  
 
 
  Business Loan Information  
 

Business Loan Sherman, Illinois

 
Loan Census SBA Loan Info

I need a loan for my business in Sherman, Illinois! If that's what's on your mind, you've come to the right place.

We wrote this article for entrepreneurs in Sherman, Illinois who are interested in getting debt financing.

Business Loan Providers for Sherman Businesses

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

Small Business Bank Recent SBA Loans
Marine Bank, Springfield
Springfield, IL
5
National City Bank
Cleveland, OH
1
State Bank Of Lincoln
Lincoln, IL
1

Tips for Getting a Business Loan in Sherman

Prior to contacting 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 introduce your business to the banker, explain how much you want to borrow, define how the money will be used, and show how you plan to pay the money back to the bank.

A well-defined business plan is essential. If the money 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, you will likely be asked to to guarantee the loan 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.

Gaebler.com Advice on Raising Money

If you are new to our Gaebler.com site, you should know that we are passionate about supporting entrepreneurs, and we have a lot of resources related to to Raising Money. For example, one article that might be of interest to you is 504 Loans.

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