Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Small Business Lenders in Petersburg, Illinois

 
Loan Census SBA Loan Info

Raising money in Petersburg, Illinois? If so, you'll want to talk to some of these small business lenders in Petersburg.

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

Banks that Lend to Petersburg Businesses

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

Small Business Bank Recent SBA Loans
Bank Of Springfield
Springfield, IL
1
Illinois National Bank
Springfield, IL
1
Innovative Bank
Oakland, CA
1
Marine Bank, Springfield
Springfield, IL
2

Business Loan Advice for Petersburg Businesses

Prior to meeting with banks to get a bank loan, you will need to have a specific plan.

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 plan to pay the loan back to the bank.

Having a business plan is essential. If the capital 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 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, the bank may ask you to to pledge 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 participate in the financial assistance programs available through the SBA. Before meeting with the 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

Make it a priority to learn as much as you can about Raising Money. For starters, we suggest you read Getting a Small Business Loan.

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