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

Fox Lake, Illinois Small Business Loans

 
Loan Census SBA Loan Info

Small business loans in Fox Lake, Illinois are available. You just need to talk to the right bank.

If you are hoping to get a small business loan and your business is based in Fox Lake, Illinois, we've assembled a list of local small business banks that you should contact.

Local Fox Lake Lenders

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

Small Business Bank Recent SBA Loans
Bank of America  
Bank One  
Fifth Third Bank  

SBA Lenders for Fox Lake Businesses

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

Small Business Bank Recent SBA Loans
Amcore Bank
Rockford, IL
1
Bank Of America
Charlotte, NC
1
Cit Small Business Lending Corp
Livingston, NJ
1
Fifth Third Bank
Grand Rapids, MI
1
Fifth Third Bank
Rolling Meadows, IL
1
Fifth Third Bank
Wheaton, IL
1
Hanmi Bank
Los Angeles, CA
1
Nara Bank
Los Angeles, CA
1
National City Bank
Bannockburn, IL
3
Peoples Bancorp, Inc.
Arlington Heights, IL
1
Rbs Citizens
Providence, RI
1
Shorebank
Bellwood, IL
2
U.S. Bank National Association
Cincinnati, OH
4

Fox Lake Bank Loan Tips

Prior to contacting banks to get a bank 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, walk the banker through the planned use of proceeds, and show how you intend to to pay the loan back to the bank.

Being able to present a well-written business plan is an important prerequisite. If the financing is to for a company that is already doing 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 secure the business 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 these banks 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 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.

Gaebler.com Advice on Raising Money

Our Gaebler.com site is deeply committed to aiding small business owners, and we have a lot of resources related to to Raising Money. If raising money is on your to-do list, we would suggest you read Angel Investors.

Business Loan Sources for Other Cities in Illinois
Get a Business Loan in Forest Park
Get a Business Loan in Frankfort

Browse All Business Loan Sources for Illinois