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

Small Business Lenders in Monee, Illinois

 
Loan Census SBA Loan Info

Getting a business loan in Monee, Illinois seems challenging at first, but we're here to help you get started.

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

Banks that Lend to Monee Businesses

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

Small Business Bank Recent SBA Loans
Independence Bank
East Greenwich, RI
1
Jpmorgan Chase Bank
Houston, TX
1
Rbs Citizens
Providence, RI
2
U.S. Bank National Association
Cincinnati, OH
1

Business Loan Advice for Monee Businesses

As a prerequisite to meeting with banks to discuss getting a bank loan, you will need to develop the specifics of your loan request.

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 your ability to pay the loan back to the bank.

Having a business plan is essential. If the money 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 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 are SBA lenders. 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

If you are serious about Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review How Much Venture Capital Is There?.

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