If you are looking for a small business loan and your business is based in Allerton, Illinois, we've assembled a list of local small business banks that you should contact.
Banks that Lend to Allerton Businesses
This is a list of banks outside of Allerton, Illinois that have provided SBA loans to Allerton businesses. Some of these may be national banks with local branch locations.
|Small Business Bank
||Recent SBA Loans
Business Loan Advice for Allerton Businesses
Before reaching out to banks for a loan, you will need to develop the specifics of your loan request.
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 plan to pay the loan back to the bank.
Having a business plan is an important prerequisite. 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 pledge your personal assets, such as your individual retirement account or pension plan. 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 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.
Gaebler.com Advice on Raising Money
Our Gaebler.com site is passionate about aiding small business owners, and we have a
lot of useful articles about to Raising
Money. For example, we would suggest you read How Much Venture Capital Is There?.
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