Loan Census Banking News and Information
July 7, 2020  
  Business Loan Information  

Alhambra, Illinois Business Loan

Loan Census SBA Loan Info

Small business loans in Alhambra, Illinois are available. You just need to talk to the right bank.

These materials were prepared for entrepreneurs in Alhambra, Illinois who are interested in getting a bank loan.

Lenders for Alhambra Businesses

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

Small Business Bank Recent SBA Loans
Ge Cap. Small Business Finan Corp
St. Louis, MO
State Bank Of Lincoln
Lincoln, IL

Alhambra Business Loan Advice

Prior to 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, define how the money will be used, and show your ability to pay the loan back to the bank.

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 you cannot repay the loan.

If the business has few assets, the bank may ask you to to pledge 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. Before meeting with the banker, you may want to get up to speed 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. Advice on Raising Money is a site that is all about aiding small business owners, and we have a lot of information pertaining to to Raising Money. For example, we would suggest you read Business Incubators.

Business Loan Sources for Other Cities in Illinois
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