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

Salem, Illinois Business Loan

 
Loan Census SBA Loan Info

I need a loan for my business in Salem, Illinois! If that's what's on your mind, you've come to the right place.

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

Local Salem Business Lenders

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

Small Business Bank Recent SBA Loans
Bank Of America  
First Bank 1
Peoples National Bank 7

Lenders for Salem Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
3
Business Loan Center, LLC
Richmond, VA
1
Farmers State Bank Of Hoffman
Centralia, IL
1
Iuka State Bank
Iuka, IL
1
Peoples National Bank
Fairfield, IL
1
Peoples National Bank
Mcleansboro, IL
1
Superior Financial Group, LLC
Walnut Creek, CA
4

Salem Business Loan Advice

Prior to meeting with lenders for a loan, you will need to determine exactly what size loan you will be asking for.

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.

A well-defined business plan is essential. If the bank loan 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 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 stocks and bonds that you might own or life insurance policies. 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

If you are new to our Gaebler.com site, you should know that we are devoted to aiding entrepreneurs, and we have a lot of information pertaining to to Raising Money. For example, we would suggest you read Business Credit Evaluation.

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