Grow your business, grow your community with an SBA loan through a Chicago-area credit union that invests in you.

When you need funds for your small business, understanding your loan options can help you avoid financial roadblocks. There are many different SBA loan types, and Great Lakes Credit Union, a prominent small business lender in Chicago, IL, can help you with the loan application process.

SBA 7(a) Loans

SBA 7(a) loans help small businesses grow by offering longer, more flexible terms and lower-equity contributions. Increase your cash flow you can use to achieve your goals.

• Qualify for up to $5 million in loans
• Terms of 25 years for real estate and 15 years for non-real estate debt
• Longer amortization means lower loan payments
• No future balloon payments
• Variable and fixed-rate options

Navigating Your Small Business Lending Options in Chicago, IL

As a small business owner, you want a financial institution that supports your community. Our small business lending team works with new and long-standing businesses through the Chicagoland area and beyond. Our mission of “banking for a greater good” means that we are dedicated to building up your business and your community. Learn how our business services and an SBA 7(a) can help with a variety of needs.

• Real estate acquisitions or refinancing
• Business acquisitions and expansion
• Franchise financing
• Refinancing and acquisition of machinery and equipment up to 100%
• Business line of credit restructuring

Call us at (800) 982-7850 or visit a local GLCU branch

SBA 504 Loans

With an approved SBA 504 loan, you can receive long-term fixed-rate financing to acquire fixed assets for expansion or modernization.

An SBA 504 loan allows for shared costs with Certified Development Companies (CDCs) to support economic growth. CDCs typically contribute 40% of the loan, and GLCU will provide up to 50%. That means for an average SBA 504 loan, your contribution could only be 10% of the project cost. SBA 504 loan terms include:

• Up to 25 years bank loan and CDC/SBA debenture for Real Estate
• Up to 10 years bank loan and CDC/SBA debenture for Machinery and Equipment

Benefits of SBA 504 loans include:

• Fixed rates and competitive variable rates
• Up to 90% financing with longer loan amortizations
• Qualify for $1.5 to $10 million loans with fixed-rate interest rates
• Enjoy savings and improve cash flow for your small business

Still not sure if an SBA loan is right for your business? Let our Chicago, IL-based commercial lending team provide you with the necessary support throughout the small business loan process. We bring years of lending knowledge and experience, and a dedication to our community not found in other financial institutions.

FAQs About SBA loans:

Q: What is an SBA loan and how does it work?

A: A Small Business Administration (SBA) loan is a type of loan commonly used for starting, acquiring, or expanding a existing small business. A bank or credit union acts as the lender, and the loan is backed up by the SBA. The SBA does not directly issue the loan, instead acting as an intermediary between the lender and the small business owner to improve accessibility to the loan and to ensure proper guidelines are met to secure funding.

Q: Does Great Lakes Credit Union only offer small business loans in Chicago, IL?

A: GLCU is committed to helping local businesses achieve success, which lifts up our communities. While our branches are located in the Chicagoland area, we do selectively offer financing options for those who are out-of-state.

Q: Does an SBA loan have eligibility requirements?

A: Yes, SBA loans do have eligibility requirements, including factors such as the amount of funds needed, the borrower’s credit history, the intended use of the financing, the size and type of the business, and more. Your Great Lakes Credit Union loan consultant will guide you through the application process.

Q: What disqualifies you from getting an SBA loan?

A: Businesses disqualified from receiving SBA financing are those engaged in loan packaging, multi-sales distribution, investment or lending, speculation, illegal activities or if the owner is on parole. For more information on what types of businesses are ineligible for SBA loans, speak with a Great Lakes Credit Union loan consultant.

Q: How long does the SBA loan process take?

A: The SBA loan process typically takes between 60 and 180 days. The time for securing and receiving your SBA loan may vary based on the type of SBA loan you are seeking. If are seeking immediate funds for you small business, speak with your GLCU loan consultant and find a solution that works for you.

Call us at (800) 982-7850 or visit a local GLCU branch

About Great Lakes Credit Union

As a not-for-profit, member-owned credit union, all the money GLCU makes goes back to our members in the form of competitive interest rates; smart and simple-to-use products, tools, and services; and community investment, such as member scholarships, financial well-being seminars, donation drives and more.

At the heart of our mission is the credit union philosophy of ‘people helping people.’ With GLCU’s industry leading technology and range of financial solutions, our goal is to enable members to live life on their terms.

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