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

Fulton, Illinois Small Business Loans

Loan Census SBA Loan Info

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

If you are hoping to get a small business loan and your business is based in Fulton, Illinois, we've assembled a list of local small business banks that you should contact.

Local Fulton Business Lenders

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

Small Business Bank Recent SBA Loans
Community State Bank  

SBA Lenders for Fulton Businesses

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

Small Business Bank Recent SBA Loans
Gateway State Bank
Clinton, IA
Sterling Federal Bank, F.s.b.
Clinton, IA

Fulton Bank Loan Tips

Prior to meeting with lenders to get a bank loan, you will need to have a specific plan.

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 lender.

A well-defined business plan is essential. If the bank loan is to for an existing business, 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 cash flow from the business does not meet your projections.

If the business has few assets, the bank may ask you to to pledge your personal assets, such as the equity in your home. 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 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. Advice on Raising Money

Take the time to learn as much as you can about Raising Money. To get started, we suggest you read 504 Loans.

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