If you are planning on applying for a small business loan and your business is based in Warren, Illinois, we've assembled a list of local small business banks that you should contact.
Local Warren Banks
To help you learn more about local small business lenders, here's our list of small business banks in Warren.
Small Business Bank |
Recent SBA Loans |
Apple River State Bank |
|
Community Bank |
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Business Loan Providers for Warren Businesses
This is a list of banks outside of Warren, Illinois that have provided SBA loans to Warren businesses. Some of these may be national banks with local branch locations.
Small Business Bank |
Recent SBA Loans |
Rbs Citizens
Providence, RI |
2 |
Warren Bank Loan Tips
Prior to reaching out to 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, define how the money will be used, and show how you intend to to pay the loan back to the bank.
A well-defined business plan is essential. If the money is to for a going concern, 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, the bank may ask you to to to guarantee the loan 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 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.
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