If you are hoping to get a small business loan and your business is based in Peoria Heights, Illinois, we've assembled a list of local small business banks that you should contact.
Local Peoria Heights Business Loan Sources
To assist you in finding a small business banker, here's our list of small business banks in Peoria Heights.
|Small Business Bank
||Recent SBA Loans
Other Lending Resources for Peoria Heights Businesses
This is a list of banks outside of Peoria Heights, Illinois that have provided SBA loans to Peoria Heights businesses. Some of these may be national banks with local branch locations.
Peoria Heights Bank Loan Tips
Prior to reaching out to lenders for a 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, define how the money will be used, and show how you intend to to pay the loan back to the lender.
Being able to present a well-written business plan is an important prerequisite. If the capital is to for a going concern, you should also have financial statements covering the last three years. In addition, you should itemize 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, you will likely be asked to secure the business with your personal assets, such as your individual retirement account or pension plan. 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 are SBA lenders. Before meeting with the 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.
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