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March 28, 2024  
 
 
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Business Loan Mount Carroll, Illinois

 
Loan Census SBA Loan Info

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

This article is written specifically for small business proprietors in Mount Carroll, Illinois who are interested in getting a small business loan.

Local Mount Carroll Lending Resources

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

Small Business Bank Recent SBA Loans
The National Bank 1

Other Lending Resources for Mount Carroll Businesses

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

Small Business Bank Recent SBA Loans
Fifth Third Bank
Grand Rapids, MI
1

Tips for Getting a Business Loan in Mount Carroll

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

Having a business plan is is critically important. If the financing is to for an existing business, 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 you sit down to talk with a small business 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

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

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