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

Small Business Lenders in Lynwood, Illinois

 
Loan Census SBA Loan Info

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

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

Local Lynwood Lenders

To assist you in finding a small business banker, here's our list of small business banks in Lynwood.

Small Business Bank Recent SBA Loans
Feliz Group Inc  

Banks that Lend to Lynwood Businesses

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

Small Business Bank Recent SBA Loans
Centier Bank
Whiting, IN
2
Innovative Bank
Oakland, CA
1
Jpmorgan Chase Bank
Houston, TX
1
National City Bank
Cleveland, OH
1
Rbs Citizens
Calumet City, IL
1

Business Loan Advice for Lynwood Businesses

As a prerequisite to contacting lenders to get 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, walk the banker through the planned use of proceeds, and show how you intend to to pay the money back to the lender.

Having a business plan is essential. If the financing is to for an existing 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 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. Before meeting with the banker, you may want to get up to speed 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 504 Loans.

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