Microbusiness Expansion Loan

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 needs.
 
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 having the first lien on the assets being financed but we will consider substitute/additional personal collateral when available to support the loan.
 
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) 
  • At least one year of taxes with the Schedule C showing business income and expenses
  • 2 commercial and 2 personal references
  • Last three receipts of two bills that are in your name and two in the name of the business (electricity, telephone, mobile phone, etc.) 
  • Copy of your Employer Identification Number (if available), and copies of any licenses and permits that you have and are current
  • A copy of your resume
  • A copy of the loan application
  • A projection of the cash flows of your business for the next twelve months

Come visit any of our branches to apply for this loan and grow your business! 
 

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