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

Wayne, Illinois Business Loan

 
Loan Census SBA Loan Info

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

We wrote this article for entrepreneurs in Wayne, Illinois who are interested in getting a bank loan.

SBA Lenders for Wayne Businesses

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

Small Business Bank Recent SBA Loans
Amcore Investment Banking Inc
Rockford, IL
1
Capital One
Mclean, VA
1
Jpmorgan Chase Bank
Houston, TX
2
National City Bank
Bannockburn, IL
1

Wayne Business Loan Advice

As a prerequisite to contacting banks for a loan, you will need to have a specific plan.

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

A well-defined business plan is an important prerequisite. If the 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, the bank may ask you to to pledge your personal assets, such as the equity in your home. The banks will look at your personal credit report 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 participate in the financial assistance programs available through the SBA. Before meeting with the banker, you may want to get up to speed 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

Take the time to learn as much as you can about Raising Money. For starters, we recommend you read Microlending as a Small Business Funding Source.

Business Loan Sources for Other Cities in Illinois
Get a Business Loan in Waukegan
Get a Business Loan in West Chicago

Browse All Business Loan Sources for Illinois