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March 29, 2024  
 
 
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Canton, Illinois Business Loan

 
Loan Census SBA Loan Info

Looking for a Canton, 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.

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

Local Canton Business Lenders

Without further adieu, here's our list of small business banks in Canton.

Small Business Bank Recent SBA Loans
Cefcu  
Midamerica National Bank 3

Other Lending Resources for Canton Businesses

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

Small Business Bank Recent SBA Loans
Associated Bank
Appleton, WI
1
Associated Bank
Green Bay, WI
1
Capital One
Mclean, VA
2
Cit Small Business Lending Corp
Livingston, NJ
2
First Capital Bank
Peoria, IL
1
Innovative Bank
Oakland, CA
1
National City Bank
Bannockburn, IL
1
Wells Fargo Bank
Galesburg, IL
1
Wells Fargo Bank
Minneapolis, MN
1
Wells Fargo Bank
Sioux Falls, SD
1

Canton Business Loan Advice

As a prerequisite to meeting with banks for a loan, you will need to have a specific plan.

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 intend to to pay the loan back to the bank.

A well-defined business plan is essential. If the bank loan is to for an existing business, you should also have financial statements covering the last three years. In addition, you should itemize 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 secure the business with your personal assets, such as the equity in your home. 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 participate in the financial assistance programs available through the SBA. Before meeting with the banker, you may want to read up on 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 learn as much as you can. If you haven't read it already, we recommend you review Getting a Small Business Loan.

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