Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Schaumburg, Illinois Business Loan

 
Loan Census SBA Loan Info

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

These materials were prepared for entrepreneurs in Schaumburg, Illinois who are interested in getting a bank loan.

Local Schaumburg Lending Resources

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

Small Business Bank Recent SBA Loans
ABN AMRO  
ADP  
Amcore Bank  
America United Bank and Trust Company USA  
American Chartered Bank 15
American Enterprise Bank 13
Bank One  
Bank United  
Bankcorp  
Charter One Bank  
Citibank F S B - Full Service Financial Centers- Schaumburg  
Competix  
Diebold Inc  
Fifth Third Bank  
Financial Federal Trust & Savings Bank  
First Data Solutions  
First International Bank  
Ups Capital Business Credit 2

Lenders for Schaumburg Businesses

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

Small Business Bank Recent SBA Loans
Amcore Bank
Rockford, IL
3
Amer Heartland Bank & Tr
Sugar Grove, IL
1
American Enterprise Bank
Buffalo Grove, IL
1
Banco Popular North America
Chicago, IL
1
Banco Popular North America
New York City, NY
7
Bank Of America
Charlotte, NC
2
Bankfinancial, FSB
Olympia Fields, IL
3
Bankfinancial, FSB
Orland Park, IL
2
Bridgeview Bank Group
Bridgeview, IL
1
Business Lenders, LLC
Hartford, CT
1
Business Loan Center, LLC
Richmond, VA
1
Capital One
Mclean, VA
14
Center Bank
Los Angeles, CA
2
Cit Small Business Lending Corp
Livingston, NJ
5
Citibank
Chicago, IL
2
Citibank
Las Vegas, NV
3
Citibank
Miami, FL
2
Citibank
New York City, NY
1
Citibank
San Francisco, CA
1
Edens Bank
Wilmette, IL
1
Fifth Third Bank
Ada, MI
1
Fifth Third Bank
Grand Rapids, MI
6
Fifth Third Bank
Rolling Meadows, IL
1
Fifth Third Bank
Wheaton, IL
1
First American Bank
Carpentersville, IL
1
First Choice Bank
Geneva, IL
1
First Eagle Bank
Hanover Park, IL
1
First Midwest Bank
Mundelein, IL
1
Ge Cap. Small Business Finan Corp
St. Louis, MO
1
Harris National Association
Barrington, IL
1
Harris National Association
Bartlett, IL
1
Harris National Association
Rolling Meadows, IL
1
Harris National Association
Saint Charles, IL
1
Home St. Bank/natl Association
Crystal Lake, IL
1
Innovative Bank
Oakland, CA
7
Integra Bank
Bridgeview, IL
1
Jpmorgan Chase Bank
Columbus, OH
3
Jpmorgan Chase Bank
Houston, TX
51
Lasalle Bank
Chicago, IL
4
Merrill Lynch Bank Usa
Salt Lake City, UT
1
Mission Oaks National Bank
Temecula, CA
1
National City Bank
Bannockburn, IL
6
National City Bank
Cleveland, OH
6
Norstates Bank
Round Lake, IL
1
Rbs Citizens
Cleveland, OH
1
Rbs Citizens
Providence, RI
38
Shorebank
Bellwood, IL
5
Shorebank
Chicago, IL
2
Stearns Bank
Saint Cloud, MN
1
The Foster Bank
Chicago, IL
3
U.S. Bank National Association
Cincinnati, OH
7
Union National Bank
Elgin, IL
12
Washington Mutual Bank
Henderson, NV
6
Wells Fargo Bank
Minneapolis, MN
1
Wells Fargo Bank
San Jose, CA
1

Schaumburg Business Loan Advice

As a prerequisite 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 introduce your business to the banker, explain how much you want to borrow, define how the money will be used, and show your ability to pay the money 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 secure 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

If you are planning on Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review Business Line of Credit.

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