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Benefits of Getting a Credit Union Small Business Loan

Starting a business is a big undertaking. It requires a lot of hard work, dedication, and planning. One of the most important things you need to do is secure funding for your business which allow for the purchasing of resources or materials needed to build your business. There are a number of different ways to get funding for your business, but one option that is often overlooked is a credit union business loan.

There are a number of benefits to getting a credit union business loan.


Get a Competitive or Lower Interest Rate

First, credit unions are non-profit organizations, which means that they are not driven by profit and are more likely to offer lower interest rates and fewer fees on loans than traditional banks. It’s a win-win situation where you benefit from favorable financial terms while supporting a cooperative and member-focused institution.


They Have a Less Stringent Loan Approval Process

The second reason to consider a credit union small business loan is that they tend to have more flexible lending criteria than banks. This means that they may be more likely to approve your loan even if you have a less than perfect credit history. And while certain information such as business details, financial statements, and owner information are still necessary, credit unions can often approve loans quickly. This helps expedite your business plan, especially if you have a timeline to follow.


Credit Unions Offer Individualized Service

Lastly, credit unions are great because they truly understand the importance of catering to each borrower’s unique financial needs. Their experienced and helpful commercial lenders actually take the time to get to know their members’ individual financial situations and credit histories.

By getting to know you personally, credit unions can offer alternatives and workarounds if there happens to be anything in your records that could potentially affect your loan approval. They genuinely care about helping members succeed and offer valuable guidance to business owners, especially those who are just starting out, in making well-informed financial decisions. It’s like having a trusted partner who’s always looking out for your best interests and helping you navigate the sometimes confusing world of business finance.


Apply for a Small Business Loan at a Credit Union Today!

If you are shopping around for a business loan, consider contacting a credit union.


To recap, the benefits of getting a credit union business loan are:

  • Credit unions understand the unique needs of small businesses.
  • Credit unions offer flexible repayment terms.
  • Credit unions offer highly personalized service.
  • Credit unions are invested in the local community.

Credit unions can be a great source of funding for your business and they offer a number of benefits that traditional banks cannot match. Should you have questions about financing options for businesses feel free to reach out to any of our friendly staff members at Heartland Credit Union. Contact our offices in Wisconsin, and let’s start your application process today!