Loan Census Banking News and Information
July 7, 2020  
  Business Loan Information  

Small Business Lenders in Westmont, Illinois

Loan Census SBA Loan Info

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

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

Local Westmont Banks

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

Small Business Bank Recent SBA Loans
Auto Finance Group  
Banco Popular North America 1
Best Payment Solutions  
Bridgeview Bank & Trust  
Charter One Bank - New Deposit Accounts- Westmont- Branch  
Chris Angileri  
Efmark Service CO  
Fifth Third Bank - Westmont Banking Center  
First Dupage Bank 18
First Indiana Bank  

Business Loan Providers for Westmont Businesses

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

Small Business Bank Recent SBA Loans
Banco Popular North America
New York City, NY
Business Loan Center, LLC
Richmond, VA
Capital One
Mclean, VA
Cit Small Business Lending Corp
Livingston, NJ
Las Vegas, NV
Comerica Bank
Dallas, TX
Fifth Third Bank
Rolling Meadows, IL
Hinsdale Bank & Trust Company
Hinsdale, IL
Innovative Bank
Oakland, CA
Jpmorgan Chase Bank
Houston, TX
Lasalle Bank
Chicago, IL
Lehman Brothers Bank, FSB
Boston, MA
National Bank & Trust - Sycamore
Sycamore, IL
National City Bank
Bannockburn, IL
National City Bank
Cleveland, OH
Rbs Citizens
Providence, RI
Bellwood, IL
The Foster Bank
Chicago, IL
U.S. Bank National Association
Cincinnati, OH
Union National Bank
Elgin, IL
Wells Fargo Bank
Minneapolis, MN

Business Loan Advice for Westmont Businesses

Before meeting with lenders to discuss getting a bank 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 your ability to pay the loan back to the lender.

A well-defined business plan is an important prerequisite. 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, the bank may ask you to to to guarantee the loan with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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. 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. Advice on Raising Money

If you are serious about Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review How Equity Dilution Works.

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