Business loans in Illinois
As one of the largest economies in the United States, Illinois is no stranger to strong business development. In fact, Illinois is home to some of the biggest names in business, such as Boeing, McDonalds, Motorola, and United Airlines, to name a few. Early on in their history, these companies all started out as small businesses and at some point needed financing in order to grow. Whether your business is starting, expanding, or just trying to keep afloat, knowing where to find business loans in Illinois can be tricky. Listed below are some places to start:
- Basic Illinois Business Loans
- These are available in a variety of programs, such as term loans and business lines of credit. A few other options include SBA loan guarantees, export loans, and equipment financing.
- Business Loans for Illinois Minorities
- The SBA offers loans to encourage equal opportunity for business owners of all backgrounds. See the Minority Business Development Agency for more info.
- Illinois Agriculture Loan
- The SBA provides loans to develop agricultural businesses in Illinois.
- Veteran Business Loans
- These SBA loans are designed to help servicemen and servicewomen build a successful business.
- SBA Business Loans in Illinois
- The Small Business Administration’s loans have some of the best terms and interest rates. Offered through approved lenders, the SBA guarantees up to 90% of the amount sought in financing – this makes it easier for a lender to supply the loan, which, in consequence, makes it easier for a business owner to get the loan (even though the process itself is often more time consuming). Out of all loan types, SBA-backed loans often carry the lowest interest rates and best terms. Also, the SBA offers additional advice and assistance through their Illinois locations. These centers provide training and resources for running a business in Illinois.
Illinois’ Small Business Incentives
In addition to Illinois’ funding options, the state supports many lucrative business incentives & assistance. Here are a few:
- An angel investor that invests in a small business in Illinois may receive special tax breaks. For truly innovative and promising companies, this makes getting funding much easier.
- Businesses may receive a $2500 tax credit for each new quality job created.
- Recruitment and training assistance programs will help with hiring and training new employees.
- Agricultural businesses have many resources for starting and continuing their business.