Loan Census Banking News and Information
March 29, 2024  
 
 
  Business Loan Information  
 

Small Business Lenders in Hoffman, Illinois

 
Loan Census SBA Loan Info

Getting a business loan in Hoffman, 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 Hoffman, Illinois, we've put together a list of local small business banks that you should contact.

Local Hoffman Lenders

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

Small Business Bank Recent SBA Loans
Farmers State Bank Of Hoffman 3

Banks that Lend to Hoffman Businesses

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

Small Business Bank Recent SBA Loans
Jpmorgan Chase Bank
Houston, TX
1
Superior Financial Group, LLC
Walnut Creek, CA
1
U.S. Bank National Association
Cincinnati, OH
1

Business Loan Advice for Hoffman Businesses

As a prerequisite to contacting 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 your ability to pay the loan back to the bank.

Having a business plan is is critically important. If the financing is to for a going concern, 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 you cannot repay the loan.

If the business has few assets, the bank may ask you to to pledge 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 are SBA lenders. Prior to visiting local banks, 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

Make the effort and learn as much as you can about Raising Money. For starters, we recommend you read Getting a Small Business Loan.

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