Small Business Loans

North Side credit union offers loans to small businesses (up to $35,000) for a variety of purposes, including:

  • Expansion of existing businesses
  • Purchase of equipment, vehicles, machinery, inventory or supplies
  • Business start-ups

Interest rates range from 6.0% to 12.0%, depending on the credit profile of the business. Discounts are available for those who make payments through direct deposit or for those who have been members for 5 years or more.

 Requirements

  • Business or business owner must be located within our service area (in general, the Chicago neighborhoods of Uptown, Edgewater, Rogers Park and Lakeview)
  • Submit a signed application with all required financial statements and other information
  • Meet our credit underwriting criteria, primarily satisfactory cash flow (business and personal), satisfactory personal credit score and credit history and sufficient collateral
  • Join our credit union (if not already a member)
  • Open a checking account for your business with us

To Apply:  Submit a signed Small Business Loan Application (with all required attachments) by mail, in person or through your online banking account. We will review your application and contact you within five business days. Download Application