If you are planning on applying for a small business loan and your business is based in Virden, Illinois, we've put together a list of local small business banks that you should contact.
Local Virden Business Loan Sources
Without further adieu, here's our list of small business banks in Virden.
Small Business Bank |
Recent SBA Loans |
Farmers & Merchants State Bank |
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Banks that Lend to Virden Businesses
This is a list of banks outside of Virden, Illinois that have provided SBA loans to Virden businesses. Some of these may be national banks with local branch locations.
Virden Bank Loan Tips
Before contacting banks for a 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, describe what the money will finance, and show your ability to pay the loan back to the bank.
Having a business plan is an important prerequisite. If the financing is to for an existing business, you should also have financial statements covering the last three years. You will also need to discuss 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 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 participate in the financial assistance programs available through the SBA. Before meeting with the 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.
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