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

Machesney Park, Illinois Small Business Loans

 
Loan Census SBA Loan Info

Looking for a Machesney Park, Illinois small business loan? We were annoyed by how hard it was to find city-specific small business lenders so we created this page just for you.

If you are planning on applying for a small business loan and your business is based in Machesney Park, Illinois, we've assembled a list of local small business banks that you should contact.

Local Machesney Park Banks

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

Small Business Bank Recent SBA Loans
Amcore Bank  
Anna May Davenport  
Associated Bank  
Riverside Community Bank 1

Business Loan Providers for Machesney Park Businesses

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

Small Business Bank Recent SBA Loans
1st National Bank & Trust
Beloit, WI
1
Alpine Bank Of Illinois
Rockford, IL
5
Amcore Bank
Rockford, IL
3
Associated Bank
Green Bay, WI
3
Associated Bank
Rockford, IL
1
Fifth Third Bank
Chicago, IL
1
Innovative Bank
Oakland, CA
1
Jpmorgan Chase Bank
Chicago, IL
1
Jpmorgan Chase Bank
Houston, TX
2
National City Bank
Bannockburn, IL
1
Northwest Bank Of Rockford
Rockford, IL
1

Machesney Park Bank Loan Tips

As a prerequisite to reaching out to lenders to discuss getting 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 your ability to pay the money back to the lender.

Having a business plan is essential. If the loan 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 you cannot repay the loan.

If the business has few assets, you will likely be asked to to guarantee the loan with 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 are SBA lenders. 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

Our Gaebler.com site is passionate about providing advice to entrepreneurs, and we have a lot of useful articles about to Raising Money. For example, we would suggest you read Only Idiots Send Venture Capitalists Business Plans.

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