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November 14, 2024  
 
 
  Business Loan Information  
 

Western Springs, Illinois Business Loan

 
Loan Census SBA Loan Info

Looking for a Western Springs, Illinois small business loan? We were annoyed by how hard it was to find city-specific small business lenders so we created this page just for you.

This article is written specifically for entrepreneurs in Western Springs, Illinois who are interested in getting a small business loan.

Local Western Springs Banks

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

Small Business Bank Recent SBA Loans
Bank One - Dominick's Locations- Western Springs  
Western Springs National Bank & Tr 6

SBA Lenders for Western Springs Businesses

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

Small Business Bank Recent SBA Loans
Branch Bank & Trust
Winston Salem, NC
1
Comerica Bank
Dallas, TX
1
Jpmorgan Chase Bank
Houston, TX
1
National City Bank
Bannockburn, IL
2
The Foster Bank
Chicago, IL
1

Western Springs Business Loan Advice

Before contacting banks for a loan, you will need to develop the specifics of your loan request.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, define how the money will be used, and show your ability 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. You will also need to discuss what collateral you have available to guarantee 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 secure the business with your personal assets, such as your individual retirement account or pension plan. 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 the banks in our list participate in the financial assistance programs available through the SBA. Before meeting with the 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.

Gaebler.com Advice on Raising Money

If you are planning on Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review Find Start-Up Capital.

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