Loan Census Banking News and Information
May 25, 2024  
  Business Loan Information  

Business Loan Oak Park, California

Loan Census SBA Loan Info

Raising money in Oak Park, California? If so, you'll want to talk to some of these small business lenders in Oak Park.

These materials were prepared for entrepreneurs in Oak Park, California who are interested in getting a small business loan.

SBA Lenders for Oak Park Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
California Bank & Trust
San Diego, CA
First Bank
Creve Coeur, MO
Innovative Bank
Oakland, CA
Mirae Bank
Los Angeles, CA
Rabobank, National Association
Arroyo Grande, CA
Washington Mutual Bank
Henderson, NV
Wells Fargo Bank
San Jose, CA
Wells Fargo Bank
Sioux Falls, SD
Wilshire State Bank
Los Angeles, CA

Tips for Getting a Business Loan in Oak Park

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 how you intend to to pay the loan back to the bank.

A well-defined business plan is essential. If the bank loan is to for a company that is already doing business, 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 cash flow from the business does not meet your projections.

If the business has few assets, you will likely be asked 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 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 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. Advice on Raising Money

If you are serious about Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review Choosing VC Firms.

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