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

Oblong, Illinois Business Loan

 
Loan Census SBA Loan Info

I need a loan for my business in Oblong, Illinois! If that's what's on your mind, you've come to the right place.

We wrote this article for small business proprietors in Oblong, Illinois who are interested in getting a small business loan.

Local Oblong Business Lenders

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

Small Business Bank Recent SBA Loans
First Financial Bank  

Lenders for Oblong Businesses

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

Small Business Bank Recent SBA Loans
Old National Bank
Terre Haute, IN
2

Oblong Business Loan Advice

Before contacting 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 introduce your business to the banker, explain how much you want to borrow, describe what the money will finance, and show how you plan to pay the money 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 pledge 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 these banks are SBA lenders. 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

If you are new to our Gaebler.com site, you should know that we are dedicated to helping entrepreneurs, and we have a lot of resources related to to Raising Money. To learn more, we would suggest you read Business Incubators.

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