Micro Business Start Up Loans

Micro-business Start Up Loans

What is a small scale loan?

Are you in the process of doing a little investment in your business to expand it to reach more clients or do your work more efficiently? We can help you take that next step to make your dream come true with the help of a start up micro loan.
 
This loan, which goes up to $5,000, can help you purchase equipment, inventory or do some capital investments that you need in order to get your business ready for an expansion. We can finance your business need for up to 24 months depending on the loan amount.
 
We will require that you have enough income from your business and/or an alternate verifiable source and that you present your business taxes of the previous years. A collateral is not required but if you bring a valid one, the conditions of the loan can improve. 
 
In order to apply for the loan, you will need:
 
  • To be a member of the credit union
  • Your valid social security number or an individual Tax ID Number (ITIN) 
  • Your last 3 detailed pay stubs from your employer or your last 2 tax returns if you are self employed 
  • Your rental contract (or phone number for the rental office) or mortgage documents
  • 2 commercial and 2 personal references
  • Last 2 receipts of 2 bills that are in your name (electricity, telephone, mobile phone, etc.) or 6 if you don't have credit history)

Although it is not required to bring a business plan, we encourage you to think about your business following the questions and information provided in this document as the officer wil ask you a couple brief questions about it. 

Come visit us at any of our branches or give us a call to start the process of having your own business!