Business Lending Starts with Business Planning

1/21/2020

By: John Wilson

Executive Vice President & Chief Lending Officer, NMLS #662887 

When starting or running a business, you probably need money.

INB’s team of experienced commercial lending staff will help determine your financial needs, whether you’re:

  • planning to construct or purchase a new building
  • start a new business
  • enhance an existing business
  • purchase equipment for your company
  • or other reasons!

At INB, we provide solutions and customized lending options. Our loan application process is efficient because decisions are made locally.

Before we can start, though, we need some help from you.

Here’s what you need to know when applying for a commercial loan with INB:Woman standing in greenhouse with plants

  1. Preparation comes first

Business execution begins with preparation. Most successful startups that we have helped launch have come to us with detailed business plans.

The key components of a business plan include:

  • Executive summary
  • Description of products and services
  • Organization and management
  • Stakeholders
  • Marketing and sales plan
  • Funding request and how the funds will be used

If you need help compiling a comprehensive business plan, check out the Illinois Small Business Development Center.

  1. Focus on the numbers

One of our first questions will be, “How much do you need and what do you need it for?”

If you’re an existing business, we’ll look at your historical profit and loss statements.

If you’re starting a new business or greatly expanding a current business, you’ll need to formulate business projections. We like to see 12-month projections that show revenue and expenses on a monthly basis, as well as three years of projections showing annual revenue and expenses.

Our team at INB can help you figure out fairly accurate projections based on our experience in lending to a variety of business sectors and our knowledge of the central Illinois market.

  1. Qualifications are important

During loan applications, our expert lenders at INB will review your qualifications, including your personal credit score and past credit history, your business projections and your background experience in your targeted industry.

When you’re ready to build or grow your business, we’re ready to partner with you.  Meet our lending team.

Need more help?

Check out these resources in Central Illinois for startups and small businesses:

Small Business Administration: the SBA can help bridge the gap for a startup that may have a shortfall of collateral or tight cash flow. INB can approve certain loans within the parameters set by the SBA, who will guarantee a loan up to a certain percentage.

Illinois Small Business Development Center: The ISBDC at Lincoln Land Community College offers advising services and programs for individuals interested in starting or growing a business, nearly all of which are at no cost. The ISBDC hosts seminars and offers visits with business advisors to help with business plans, accounting, understanding financing and much more.

Innovate Springfield: Innovate Springfield's Business Incubation Program aims to support entrepreneurs in the early stages of business development through our collaborative space, office amenities, high-quality capacity-building programming, and community of entrepreneurs and expert advisors.


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