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March 29, 2024  
 
 
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Business Loan Pleasant Plains, Illinois

 
Loan Census SBA Loan Info

Raising money in Pleasant Plains, Illinois? If so, you'll want to talk to some of these small business lenders in Pleasant Plains.

This article is written specifically for entrepreneurs in Pleasant Plains, Illinois who are interested in getting a small business loan.

Lenders for Pleasant Plains Businesses

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

Small Business Bank Recent SBA Loans
Illinois National Bank
Springfield, IL
1
Innovative Bank
Oakland, CA
1
Marine Bank, Springfield
Springfield, IL
1

Tips for Getting a Business Loan in Pleasant Plains

Before meeting with 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, walk the banker through the planned use of proceeds, and show how you intend to to pay the loan back to the bank.

A well-defined business plan is essential. If the capital is to for a company that is already doing business, you should also have financial statements covering the last three years. You will also need to discuss 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 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. Prior to visiting local banks, 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 get up to speed on the subject. If you haven't read it already, we recommend you review Getting a Small Business Loan.

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