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

Business Loan Northfield, Illinois

Loan Census SBA Loan Info

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

These materials were prepared for small business proprietors in Northfield, Illinois who are interested in getting a small business loan.

Local Northfield Lending Resources

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

Small Business Bank Recent SBA Loans
Bank One  

SBA Lenders for Northfield Businesses

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

Small Business Bank Recent SBA Loans
First American Bank
Carpentersville, IL
Jpmorgan Chase Bank
Houston, TX
Lasalle Bank
Chicago, IL
National City Bank
Bannockburn, IL

Tips for Getting a Business Loan in Northfield

Before contacting 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 how you plan to pay the loan back to the bank.

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. 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 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 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 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. Advice on Raising Money

Take the time to learn as much as you can about Raising Money. To get the ball rolling, we suggest you read How Much Venture Capital Is There?.

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