Loan Census Banking News and Information
March 29, 2024  
 
 
  Business Loan Information  
 

Business Loan Elmwood Park, Illinois

 
Loan Census SBA Loan Info

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

These materials were prepared for entrepreneurs in Elmwood Park, Illinois who are interested in getting debt financing.

Local Elmwood Park Business Loan Sources

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

Small Business Bank Recent SBA Loans
Charter One Bank - Branch Locations- Elmwood Park  
Midwest Bank And Trust Company 1

SBA Lenders for Elmwood Park Businesses

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

Small Business Bank Recent SBA Loans
Banco Popular North America
New York City, NY
4
Bank Of America
Charlotte, NC
1
Capital One
Mclean, VA
3
Cit Small Business Lending Corp
Livingston, NJ
1
Comerica Bank
Dallas, TX
1
Fifth Third Bank
Geneva, IL
1
Innovative Bank
Oakland, CA
1
Jpmorgan Chase Bank
Houston, TX
8
Midwest Bank And Trust Company
Melrose Park, IL
2
National City Bank
Bannockburn, IL
1
National City Bank
Cleveland, OH
1
Park National Bank
Lisle, IL
1
Rbs Citizens
Cleveland, OH
1
Rbs Citizens
Providence, RI
12
Stearns Bank
Saint Cloud, MN
1
U.S. Bank National Association
Cincinnati, OH
2
Unity Bank
Clinton, NJ
1
Washington Mutual Bank
Henderson, NV
1

Tips for Getting a Business Loan in Elmwood Park

Prior to contacting lenders to discuss getting a bank loan, you will need to develop the specifics of your loan request.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show how you intend to to pay the money back to the lender.

A well-defined business plan is is critically important. If the money is to for a company that is already doing business, you should also have financial statements covering the last three years. In addition, you should itemize 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 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. Before you sit down to talk with a small business 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. For starters, we recommend you read 504 Loans.

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