Small Business Lenders in Long Grove, Illinois

Local Long Grove Lending Resources

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

Other Lending Resources for Long Grove Businesses

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

Business Loan Advice for Long Grove Businesses

Before reaching out to banks 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, describe what the money will finance, and show how you plan to pay the loan back to the bank.

A well-defined business plan is is critically important. If the money 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 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 secure the business with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 the banks in our list participate in the financial assistance programs available through the SBA. Before meeting with the banker, 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 deeply committed to providing advice to entrepreneurs, and we have a lot of resources related to to Raising Money. For example, we recommend you read 504 Loans.