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

Fairbury, Illinois Business Loan

 
Loan Census SBA Loan Info

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

These materials were prepared for entrepreneurs in Fairbury, Illinois who are interested in getting a small business loan.

Local Fairbury Business Lenders

Without further adieu, here's our list of small business banks in Fairbury.

Small Business Bank Recent SBA Loans
Blue Stem National Bank  
Bluestem National Bank 1
Citizen State Bank of Cropsey  

Other Lending Resources for Fairbury Businesses

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

Small Business Bank Recent SBA Loans
Capital One
Mclean, VA
2

Fairbury Business Loan Advice

As a prerequisite to meeting with banks to get a bank loan, you will need to determine exactly what size loan you will be asking for.

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 your ability to pay the money back to the bank.

A well-defined business plan is is critically important. If the capital is to for a company that is already doing business, 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 secure the business with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 these banks 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

Invest the time to learn as much as you can about Raising Money. To get the ball rolling, we recommend you read 504 Loans.

Business Loan Sources for Other Cities in Illinois
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Get a Business Loan in Fairfield

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