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

Smithboro, Illinois Small Business Loans

 
Loan Census SBA Loan Info

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

If you are looking for a small business loan and your business is based in Smithboro, Illinois, we've assembled a list of local small business banks that you should contact.

Other Lending Resources for Smithboro Businesses

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

Small Business Bank Recent SBA Loans
National City Bank
Bannockburn, IL
1

Smithboro Bank Loan Tips

Prior to reaching out to banks to get a bank loan, you will need to have a specific plan.

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 your ability to pay the loan back to the bank.

Being able to present a well-written business plan is essential. 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 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 the equity in your home. 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 these banks are SBA lenders. 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

Take the time to learn as much as you can about Raising Money. For starters, we recommend you read Microlending as a Small Business Funding Source.

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