News
South Side Community Federal Credit Union now offers Small Business Loans for start-up and expanding small businesses.
You may be eligible for a Small Business Loan between $5,000 and $35,000
($10,000 for start-ups).
The interest rate is prime + 2% for a maximum term of 5 years.
Your business must be located in Chicago. Other eligibility requirements may apply.
Description:
Loans between $5,000 and $35,000, depending on length of time in
business
Terms:
Up to 5 years at prime + 2%
• Application fee: $25
• Other fees: collateral filing and processing fees range between 3-
6% of loan amount.
Requirements:
• Credit Union member
• No bankruptcy in last 2 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.
How to apply:
• Complete the pre-application form (download here) and return to the SSFCU office.
We will call to set up appointment if you pre-qualify!
• Complete loan application (this may be
downloaded here or below, picked up in our office, mailed, emailed or faxed to
you).
• Please send back via mail, e-mail or in person
• We will go through interview, approval, loan
closing/disbursement. Process will take up to 20 business days after
completed application is turned in.
For more information:
Download / view the Small
Business Loan Progam presentation by clicking on the image to the
right
Contact Gregg Brown at 773-548-5500 or email
gbrown@southsidecommunityfcu.org for more information.
Get your Loan Application packet today!
Thank you for supporting the South Side Community Federal Credit Union and Chicago's South Side!
