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 us at 773-769-5800 x 225 or info@northsidecu.org for more information.