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

Stonefort, Illinois Small Business Loans

 
Loan Census SBA Loan Info

Small business loans in Stonefort, Illinois are available. You just need to talk to the right bank.

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

Local Stonefort Banks

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

Small Business Bank Recent SBA Loans
Egyptian State Bank - Stonefort  

Lenders for Stonefort Businesses

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

Small Business Bank Recent SBA Loans
Stearns Bank
Saint Cloud, MN
1

Stonefort Bank Loan Tips

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

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, describe what the money will finance, and show how you intend to to pay the money back to the bank.

A well-defined business plan is is critically important. 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 pledge your personal assets, such as the equity in your home. 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

Invest the time to learn as much as you can about Raising Money. For starters, we recommend you read Bank Credit Lines.

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