Willowharbor Credit, a small-business funding broker in Bloomington, Illinois, wrote this checklist for McLean County owners preparing a business loan request: the purpose, Illinois entity records, tax identifiers, financial statements and owner documents, plus notes for startups and on SBA loans. Lending partners set their own requirements and make every decision.
Start with where your business sits in McLean County, IL
Most applicants from this county are small businesses. In 2023, 45.5 percent of McLean County's 3,481 employer establishments had fewer than five employees, and the Census separately counted 10,895 businesses with no paid staff in 2024 (County Business Patterns 2023; Nonemployer Statistics 2024). Self-employment is less common here than statewide: 6.5 percent of employed county residents against 8.8 percent for Illinois (American Community Survey 2020-2024).
Why it matters: a small business rarely has audited statements, so partners lean on bank statements, tax returns and the owner's credit. The checklist below is built for that kind of file.
Step 1: a purpose with a number attached
Write down what the money buys, what it costs and how the business will pay it back. Attach whatever backs the number up: a vendor quote, a contractor's estimate, a lease draft, a purchase agreement or a list of invoices due. A specific purpose also points to the right structure, which is covered on the comparison page.
Step 2: the Illinois record for your business
If the business is an LLC or a corporation, partners commonly look up its record with the Illinois Secretary of State to confirm the exact legal name, that it is active, and who is listed on it. The name on your bank account, tax returns and application should match that record. Checking your LLC's Illinois status before you apply walks through the lookup and what to do if the record is not active. Sole proprietors operating under a business name may be asked how that name is registered.
Step 3: federal and Illinois tax identifiers
Expect to give the business's federal Employer Identification Number, and the owner's Social Security number for any personal guarantee or credit check (through the partner's secure process, never by ordinary email). Businesses that are registered for Illinois tax accounts, for example because they collect sales tax or withhold payroll tax, may be asked for those account details or for proof that filings are current. A partner may also ask permission to request tax transcripts directly.
Step 4: the financial records
- Three to six months of business bank statements, at a minimum
- Business tax returns for the last two or three years, if the business has filed them
- A current profit-and-loss statement and balance sheet
- A schedule of existing debts: lender, balance, payment and maturity
- An aging report for receivables and payables, if you invoice customers
- For equipment, the vendor quote; for a project, the estimate or contract
Keep business and personal money in separate accounts. Statements that mix the two are among the hardest for a partner to read.
Step 5: the owner's side
For most small businesses, the owner's personal credit and finances are part of the review. Partners commonly ask for a personal financial statement and a personal guarantee, and may pull personal credit. Check your own credit reports for errors before you apply, and be ready to explain anything unusual. What lending partners look for goes into this in more detail.
Small business loans in Illinois for startups
A business with little or no trading history has fewer options, because there is less to review. Startups often combine their own money with equipment financing (the equipment secures it), or begin with a smaller amount and return once they have six to twelve months of statements. A written plan with realistic projections helps, and free advisors can review it before a partner does. We would rather tell a new business that the timing is early than send a request that is likely to be declined.
SBA loans in Illinois and their requirements
SBA loans are made by banks and other approved lenders under programs run by the U.S. Small Business Administration, which sets the eligibility rules and requirements. SBA loans fall outside Willowharbor Credit's work; it neither makes them nor arranges them. If an SBA loan suits your plan, ask a bank that makes them, or a free advisor, about the requirements for your situation.
Free help and next steps
Free one-on-one advising is available in the area; the Bloomington-Normal resources guide lists what we could confirm. When the file is ready, the steps of a request show what happens next, and working capital and term loans are the two most common starting points. The other Willowharbor guides are on the resources page.
By Willowharbor Credit · Updated