We wrote this article for small business owners in Carlinville, Illinois who are interested in getting a small business loan.
Local Carlinville Lending Resources
To assist you in finding a small business banker, here's our list of small business banks in Carlinville.
|Small Business Bank
||Recent SBA Loans
|Bank & Trust Company - Carlinville Branch
|Carlinville National Bank
|Citizens National Bank
Lenders for Carlinville Businesses
This is a list of banks outside of Carlinville, Illinois that have provided SBA loans to Carlinville businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Carlinville
Prior to 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, describe what the money will finance, and show how you intend to to pay the loan back to the bank.
Being able to present a well-written business plan is an important prerequisite. If the loan is to for a going concern, 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 you cannot repay the loan.
If the business has few assets, you will likely be asked to secure the business with 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 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.
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