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 $35,000 ($15,000 for a start-up) and the rates are prime + 2% and for a maximum 5 year term. You must be located in Chicago and be at least 18 years old.
- Loans between $5,000 and $35,000, depending on length of time in business
- 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
- 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.
Please contact Tom Laures at 773-769-5800 x 225 or firstname.lastname@example.org for more information.