Benson, Illinois Business Loan

Local Benson Business Lenders

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

Business Loan Providers for Benson Businesses

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

Benson Business Loan Advice

As a prerequisite to 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, describe what the money will finance, and show how you plan to pay the loan back to the lender.

Being able to present a well-written business plan is an important prerequisite. If the 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, you will likely be asked to pledge 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 participate in the financial assistance programs available through the SBA. 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

Make the effort and learn as much as you can about Raising Money. For starters, we recommend you read Borrowing Money from Friends and Family.