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March 28, 2024  
 
 
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Business Loan Tuscola, Illinois

 
Loan Census SBA Loan Info

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

We wrote this article for small business proprietors in Tuscola, Illinois who are interested in getting debt financing.

Local Tuscola Business Lenders

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

Small Business Bank Recent SBA Loans
First Federal Bank of Tuscola  
First Mid-illinois Bank & Trust 3

SBA Lenders for Tuscola Businesses

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

Small Business Bank Recent SBA Loans
Comerica Bank
Dallas, TX
1
Longview State Bank
Sidney, IL
1

Tips for Getting a Business Loan in Tuscola

Before contacting banks for a 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, define how the money will be used, and show how you plan to pay the money back to the bank.

Having a 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. 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 pledge 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 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.

Gaebler.com Advice on Raising Money

If you are planning on Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review 504 Loans.

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