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

Flora, Illinois Small Business Loans

 
Loan Census SBA Loan Info

Looking for a Flora, Illinois small business loan? We were annoyed by how hard it was to find city-specific small business lenders so we created this page just for you.

If you are looking for a small business loan and your business is based in Flora, Illinois, we've put together a list of local small business banks that you should contact.

Local Flora Banks

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

Small Business Bank Recent SBA Loans
Clay Bancshares Inc  
First Community Bank  
Flora Bank & Trust 3

Banks that Lend to Flora Businesses

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

Small Business Bank Recent SBA Loans
Business Loan Center, LLC
New York, NY
1
Capital One
Mclean, VA
2
U.S. Bank National Association
Cincinnati, OH
1

Flora Bank Loan Tips

As a prerequisite to reaching out to banks for a loan, you will need to have a specific plan.

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.

A well-defined business plan is essential. If the money is to for a going concern, 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 you cannot repay the loan.

If the business has few assets, you will likely be asked to pledge your personal assets, such as the equity in your home. 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 these banks are SBA lenders. 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

If you are planning on Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review 504 Loans.

Business Loan Sources for Other Cities in Illinois
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