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March 28, 2024  
 
 
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Business Loan Cordova, Illinois

 
Loan Census SBA Loan Info

Getting a business loan in Cordova, Illinois seems challenging at first, but we're here to help you get started.

We wrote this article for small business proprietors in Cordova, Illinois who are interested in getting debt financing.

Lenders for Cordova Businesses

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

Small Business Bank Recent SBA Loans
Innovative Bank
Oakland, CA
2
Merrill Lynch Bank Usa
Salt Lake City, UT
1

Tips for Getting a Business Loan in Cordova

Before contacting banks to discuss getting a bank loan, you will need to have a specific plan.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, define how the money will be used, and show how you plan to pay the money back to the bank.

Having a business plan is essential. If the loan is to for a going concern, you should also have financial statements covering the last three years. You will also need to discuss 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 to guarantee the loan with your personal assets, such as the equity in your home. 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. Before meeting with the banker, you may want to do your homework 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

Take the time to learn as much as you can about Raising Money. To get started, we suggest you read Borrowing Money from Friends and Family.

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