Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Business Loan Elgin, Illinois

 
Loan Census SBA Loan Info

Raising money in Elgin, Illinois? If so, you'll want to talk to some of these small business lenders in Elgin.

We wrote this article for small business proprietors in Elgin, Illinois who are interested in getting a small business loan.

Local Elgin Banks

To help you learn more about local small business lenders, here's our list of small business banks in Elgin.

Small Business Bank Recent SBA Loans
Amcore Bank  
Bank of Elgin  
Bank One - Banking Centers- Elgin  
Bank One/Chase  
Charter One Bank  
Citicorp Trust Banks FSB  
CVS Pharmacy  
EFS Bank  
Elgin Financial  
Fifth Third Bank - Highland Elgin Banking Center  
Fifth Third Bank - Larkin Banking Center  
Fifth Third Bank - Waverly Banking Center  
First Community Bank-Elgin  
First Federal Savings Bank  
The Elgin State Bank 4
Union National Bank 195

SBA Lenders for Elgin Businesses

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

Small Business Bank Recent SBA Loans
Amcore Bank
Rockford, IL
14
Associated Bank
Green Bay, WI
2
Associated Bank
Hales Corners, WI
1
Banco Popular North America
New York City, NY
2
Bank Of America
Charlotte, NC
3
Capital One
Mclean, VA
18
Cit Small Business Lending Corp
Livingston, NJ
4
Citibank
Las Vegas, NV
2
Comerica Bank
Dallas, TX
5
Fifth Third Bank
Cincinnati, OH
2
Fifth Third Bank
Grand Rapids, MI
4
First American Bank
Carpentersville, IL
1
First American Bank
Elk Grove Village, IL
4
First Choice Bank
Geneva, IL
2
First Midwest Bank
Buffalo Grove, IL
1
Ge Cap. Small Business Finan Corp
St. Louis, MO
1
Hanmi Bank
Los Angeles, CA
1
Harris National Association
Chicago, IL
2
Home St. Bank/natl Association
Crystal Lake, IL
1
Home State Bank
Litchfield, MN
1
Innovative Bank
Oakland, CA
3
Jpmorgan Chase Bank
Houston, TX
28
Merrill Lynch Bank Usa
Salt Lake City, UT
1
Nara Bank
Los Angeles, CA
2
National Bank & Trust - Sycamore
Sycamore, IL
1
National City Bank
Bannockburn, IL
6
National City Bank
Cleveland, OH
5
Plaza Bank
Norridge, IL
1
Pnc Bank, National Association
Pittsburgh, PA
1
Rbs Citizens
Cleveland, OH
1
Rbs Citizens
Providence, RI
17
Ridgestone Bank
Brookfield, WI
1
Shorebank
Bellwood, IL
2
Stearns Bank
Saint Cloud, MN
2
Superior Financial Group, LLC
Walnut Creek, CA
2
Temecula Valley Bank
Temecula, CA
3
The Foster Bank
Chicago, IL
13
U.S. Bank National Association
Cincinnati, OH
6
United Central Bank
Garland, TX
1
Wachovia SBA Lending, Inc.
Roseville, CA
1
Washington Mutual Bank
Henderson, NV
2
Wells Fargo Bank
Minneapolis, MN
2

Tips for Getting a Business Loan in Elgin

As a prerequisite to reaching out to banks for a 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, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the bank.

Having a business plan is an important prerequisite. If the money is to for a company that is already doing business, you should also have financial statements covering the last three years. Bankers will also want to know what collateral you have available to guarantee 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 stocks and bonds that you might own or life insurance policies. 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 you sit down to talk with a small business 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

Take the time to learn as much as you can about Raising Money. To get started, we recommend you read Getting a Small Business Loan.

Business Loan Sources for Other Cities in Illinois
Get a Business Loan in Effingham
Get a Business Loan in Elk Grove Village

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