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

Business Loan Carlinville, Illinois

Loan Census SBA Loan Info

I need a loan for my business in Carlinville, Illinois! If that's what's on your mind, you've come to the right place.

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 1
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.

Small Business Bank Recent SBA Loans
Bank & Trust Company
Litchfield, IL
Illinois National Bank
Springfield, IL

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. Advice on Raising Money

If you are serious about Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review 504 Loans.

Business Loan Sources for Other Cities in Illinois
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