Small Business Loans

If you are a small business owner or are planning on starting a small business, you may be eligible for a Small Business Loan from North Side Credit Union. The Small Business Loan can help you start or grow your business. You can borrow up to $50,000 ($15,000 for a start-up). Rates vary based on income and credit history for a maximum 5 year term. You must be eligible for credit union membership and be at least 18 years old.

Description

  • Loans between $5,000 and $50,000, depending on length of time in business

Terms

  • Rates vary between 9%-13% based on credit and other risk factors. Rates subject to change.
  • Application fee $25
  • Other fees- collateral filing and processing fees, up to $300

Requirements

  • Credit Union Member
  • No Bankruptcy in last 3 years
  • 18 years of age or older
  • 50% collateral coverage minimum
  • Can be used for establishment of a new business; expansion of existing business; job creation and/ or retention; purchase of equipment/machinery/supplies or inventory.

To Apply: Fill out and submit the loan application by mail, fax, in person, or using the online loan application. If you pre-qualify, we’ll call you to set up an appointment. The process will take up to 20 business days after completed application is turned in.

Download Application

Questions?
Please contact Tom Laures at 773-769-5800 x 225 or t.laures@northsidecu.org for more information.