If you are planning on applying for a small business loan and your business is based in Westmont, Illinois, we've assembled a list of local small business banks that you should contact.
Local Westmont Banks
To help you learn more about local small business lenders, here's our list of small business banks in Westmont.
Small Business Bank |
Recent SBA Loans |
ABN AMRO |
|
Auto Finance Group |
|
Banco Popular North America |
1 |
Best Payment Solutions |
|
Bridgeview Bank & Trust |
|
Charter One Bank - New Deposit Accounts- Westmont- Branch |
|
Chris Angileri |
|
Efmark Service CO |
|
Fifth Third Bank - Westmont Banking Center |
|
First Dupage Bank |
18 |
First Indiana Bank |
|
Business Loan Providers for Westmont Businesses
This is a list of banks outside of Westmont, Illinois that have provided SBA loans to Westmont businesses. Some of these may be national banks with local branch locations.
Small Business Bank |
Recent SBA Loans |
Banco Popular North America
New York City, NY |
2 |
Business Loan Center, LLC
Richmond, VA |
1 |
Capital One
Mclean, VA |
3 |
Cit Small Business Lending Corp
Livingston, NJ |
4 |
Citibank
Las Vegas, NV |
1 |
Comerica Bank
Dallas, TX |
1 |
Fifth Third Bank
Rolling Meadows, IL |
1 |
Hinsdale Bank & Trust Company
Hinsdale, IL |
1 |
Innovative Bank
Oakland, CA |
4 |
Jpmorgan Chase Bank
Houston, TX |
10 |
Lasalle Bank
Chicago, IL |
1 |
Lehman Brothers Bank, FSB
Boston, MA |
1 |
National Bank & Trust - Sycamore
Sycamore, IL |
1 |
National City Bank
Bannockburn, IL |
1 |
National City Bank
Cleveland, OH |
1 |
Rbs Citizens
Providence, RI |
10 |
Shorebank
Bellwood, IL |
1 |
The Foster Bank
Chicago, IL |
4 |
U.S. Bank National Association
Cincinnati, OH |
2 |
Union National Bank
Elgin, IL |
1 |
Wells Fargo Bank
Minneapolis, MN |
2 |
Business Loan Advice for Westmont Businesses
Before meeting with lenders to discuss getting a bank 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, define how the money will be used, and show your ability to pay the loan back to the lender.
A well-defined business plan is an important prerequisite. If the bank loan is to for an existing business, 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 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 are SBA lenders. 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 serious about Raising
Money, you need to get up to speed on the subject. If you haven't read it
already, we recommend you review
How Equity Dilution Works.
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