West Chicago, Illinois Small Business Loans

Local West Chicago Business Lenders

Without further adieu, here's our list of small business banks in West Chicago.

Lenders for West Chicago Businesses

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

West Chicago Bank Loan Tips

Before reaching out to banks for a loan, you will need to determine exactly what size loan you will be asking for.

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 essential. If the money is to for a going concern, you should also have financial statements covering the last three years. Bankers will also want to know 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 stocks and bonds that you might own or life insurance policies. 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. Prior to visiting local banks, 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

Our Gaebler.com site is dedicated to providing advice to entrepreneurs, and we have a lot of resources related to to Raising Money. For example, we recommend you read 504 Loans.