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March 29, 2024  
 
 
  Business Loan Information  
 

Business Loan Villa Grove, Illinois

 
Loan Census SBA Loan Info

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

This article is written specifically for small business owners in Villa Grove, Illinois who are interested in getting a bank loan.

SBA Lenders for Villa Grove Businesses

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

Small Business Bank Recent SBA Loans
Busey Bank
Champaign, IL
1
Heartland Bank & Trust
Bloomington, IL
1
Longview State Bank
Sidney, IL
2

Tips for Getting a Business Loan in Villa Grove

As a prerequisite to meeting with banks 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, describe what the money will finance, and show how you intend to to pay the loan back to the bank.

Being able to present a well-written business plan is is critically important. If the capital is to for a company that is already doing business, you should also have financial statements covering the last three years. Bankers will also want to know 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 cash flow from the business does not meet your projections.

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. Before you sit down to talk with a small business banker, 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.

Gaebler.com Advice on Raising Money

Our Gaebler.com site is passionate about aiding entrepreneurs, and we have a lot of information pertaining to to Raising Money. If you want to learn about raising money, we would suggest you read Getting a Small Business Loan.

Business Loan Sources for Other Cities in Illinois
Get a Business Loan in Vernon Hills
Get a Business Loan in Villa Park

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