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

Morton Grove, Illinois Business Loan

 
Loan Census SBA Loan Info

Small business loans in Morton Grove, Illinois are available. You just need to talk to the right bank.

We wrote this article for entrepreneurs in Morton Grove, Illinois who are interested in getting debt financing.

Local Morton Grove Business Loan Sources

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

Small Business Bank Recent SBA Loans
8700 Waukegan Joint Venture  
Allyn Bank Equipment CO  
Amcore Bank  
ATM America Corporation  
ATMI Precast  
Cambridge Bank  
Charter One Bank - Branch Locations- Morton Grove  

SBA Lenders for Morton Grove Businesses

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

Small Business Bank Recent SBA Loans
American Enterprise Bank
Buffalo Grove, IL
1
Associated Bank
Green Bay, WI
2
Bank Of America
Charlotte, NC
1
Busey Bank
Champaign, IL
2
Capital One
Mclean, VA
1
Cit Small Business Lending Corp
Livingston, NJ
1
Comerica Bank
Dallas, TX
1
Comerica Bank
Houston, TX
1
Edens Bank
Wilmette, IL
1
Hanmi Bank
Los Angeles, CA
1
Innovative Bank
Oakland, CA
3
Jpmorgan Chase Bank
Houston, TX
11
Lasalle Bank
Chicago, IL
1
National City Bank
Bannockburn, IL
2
National City Bank
Cleveland, OH
2
Pnc Bank, National Association
Philadelphia, PA
1
Rbs Citizens
Providence, RI
13
The Foster Bank
Chicago, IL
3
U.S. Bank National Association
Cincinnati, OH
1
Union National Bank
Elgin, IL
1
Ups Capital Business Credit
Windsor, CT
1
Wells Fargo Bank
San Jose, CA
1

Morton Grove Business Loan Advice

Prior to contacting lenders to discuss getting 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, describe what the money will finance, and show your ability to pay the money back to the lender.

A well-defined business plan is an important prerequisite. If the bank loan is to for a going concern, 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, the bank may ask you to to to guarantee the loan 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. Prior to visiting local banks, 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

Our Gaebler.com site is all about assisting small business owners, and we have a lot of useful articles about to Raising Money. If you want to learn about raising money, we recommend you read Angel Investors.

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