Microbusiness Expansion Loans

Expansion Loans

What is an expansion loan?

If you already have an existing business that has been in operation for at least a year and you want to expand it or cover a current need we can help you. Whether you want to enter a new market and need additional equipment to do this, or you want to upgrade your machines to become more efficient and do your job better and faster, or you need urgent money to cover working capital like inventory or payroll. We can help you will all these things.
 
Our goal is to help micro entrepreneurs that are already in business take that next step and grow so that they can eventually become small business owners that have a positive impact in the community with their products and services and generating employment.
This loan, which goes up to $10,000, can help you purchase equipment, inventory, manage payroll, or do some capital investments that you need in order to expand and/or improve your business. We can finance your expansion need for up to 36 months depending on the loan amount.
 
We will require that you have enough income from your business and/or an alternate veryfiable 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 expanding your business!