Wauconda, Illinois Small Business Loans

Local Wauconda Banks

Without further adieu, here's our list of small business banks in Wauconda.

Business Loan Providers for Wauconda Businesses

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

Wauconda Bank Loan Tips

Before meeting with lenders to discuss getting 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, describe what the money will finance, and show how you intend to to pay the loan back to the lender.

A well-defined 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 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 the equity in your home. 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 the banks in our list are SBA lenders. Prior to visiting local banks, 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

Our Gaebler.com site is devoted to supporting entrepreneurs, and we have a lot of useful articles about to Raising Money. To learn more, we recommend you read Business Line of Credit.