Business Loans & Small Business Funding in Illinois
The state of Illinois became part of the United States of America on December 3, 1818. Illinois is the 6th most populous state, thanks to the major metropolitan areas surrounding the great city of Chicago. Chicago, IL is in the northeastern part of the state and is home to a great number of cultural icons like Wrigley Field, The Bean, The Magnificent Mile, and the famed comedy outlet Second City.
Known as the Land of Lincoln, Illinois is also home to two former American Presidents, Barack Obama and the previously referred to Abraham Lincoln. Lincoln’s Presidential Library and Museum are located in the state capital of Springfield, IL and attracts thousands of visitors every year.
With Chicago, IL being the largest business magnet for the region, a large number of businesses are headquartered in Illinois. At the top of this list resides Boeing, Kraft-Heinz, and State Farm.
SBA Loans In Illinois
Like in any state, the majority of Illinois’s business landscape is sustain by small businesses, especially via the manufacturing, agricultural, and transportation. For small businesses and entrepreneurs who may be looking for a small business loan in Illinois, The Small Business Administration – AKA the SBA – is usually their best option.
In Illinois, SBA loans are typically processed through partners of the SBA which are most often banks, credit unions, and other lenders. Business loans and alternative funds in Illinois fall under a government-backed guarantee thanks to the SBA, making it quite easy and helpful for small business owners and operators.
Another big reason why SBA loans are so popular in Illinois is because the SBA has been instructed by law to give small businesses up to a 90 percent guarantee. This kind of reassurance was put in place following the 2008 depression, making sure that the working capital small businesses had access to was available to them without great strain. A sign that the U.S. economy was turning around came in 2010, when the largest amount of SBA loans and alternative funds in the agency’s history were given out to small businesses across the country. It became a pillar to rely upon, feeling good about the current country’s economic prospects.
The SBA also ensures that a dedicated portion of federal contracts are accessible for service-disabled, veteran-owned and women-owned small businesses. Their department leads the federal government’s attempts to bring prime federal contracts to small businesses across Illinois.
If you’re looking into an SBA loan for your own Illinois business, we have plenty of alternative funding options to traditional small business loans.
If you’re looking to upgrade your business equipment or are simply trying to establish your company after a new expansion initiative, the best place to start exploring is an SBA loan in Illinois.
Commercial Business Loans & Financing In Illinois
Our desire to help grow American businesses always seem to bring us back to how we can improve the SBA loan options that are available to small businesses. Securing a traditional banking loan in today’s economic atmosphere can be next to impossible. The path to securing small business funding or scoring a bank loan in Illinois can often become a real struggle and lead to feelings of defeat. These may be loan necessities for the banking industry, but for small business owners, they’re torture.
Research has indicated that only 25% of all American businesses who requested funding were approved for a traditional loan in 2017. This leaves business owners – three-quarters of them! – without access to the funding they were hoping for. The wait for a traditional loan decision will usually last up to 90 days, whether you’re approved or not. Do you have 90 days for an answer to a yes or no question?
So what could make all of this worse? Occasionally the wait can bleed into a six-month waiting period…or beyond.
The more we discovered, the more we didn’t like the way banks were treating Illinois small businesses who were in the market for a loan – so we did something about it.
With Fast Capital 360, most applicants only have to wait one hour to be approved for funding. The number of business owners who go from funding request to cash in their hand in less than 24 hours always amazes us. With all of the funding alternatives to SBA loans, online business financing or commercial business loans in Illinois that we have to offer, your funds can arrive in your bank account by the end of the next business day. A traditional loan would never be able to expedite funding decisions the way we can.
Thanks to our wonderful customers and the hundreds of testimonials they’ve shared, Fast Capital 360 has been rated #1 on CrowdReviews.com for funding alternatives to small business loans. With help of our happy customers, one of the leaders in small business lending in Illinois. Our reputation has been built on fair, transparent repayment agreements.
If you’re looking for funding alternatives to traditional bank loans for your office space or even a small business line of credit, our company has been helping small businesses to achieve their dreams for almost a decade with our unique funding products. We look forward to helping business owners for decades to come.
To learn more about our small business funding or what taking funds from Fast Capital 360 for can mean for your business funding options in Illinois, give us a call at (800) 735-6107.