Why Getting Credit Union Commercial Loans is Beneficial
If you’re looking to get funding for your business, credit unions may be a good choice to consider. The lower fees and notable customer support make credit unions different from the big banks.
Benefits of a Credit Union Commercial Loans
In addition to accepting deposits and providing financial services just as banks do, credit unions also offer the following benefits for business owners:
- The nonprofit status provides you with more reasonable rates and fees while earning higher dividends on savings.
- For a business owner, who needs financial support, credit unions provide financial education and special offers for businesses.
- You’re more than just a customer. You’re a partial owner too. The not-for-profit status enables credit unions to return their profits to their members.
- Credit unions offer commercial loans such as SBA loans, equipment financing, unsecured revolving lines of credit and many more. Are you a new business? Read CCCU’s article about How to Get a Line of Credit for New Business.
Plus, if you have plans to build or renovate your commercial space, CCCU also offers business real estate and construction loans.
How to Apply for a CCCU Commercial Loan
All business loans are completed by one of our commercial loan experts. Information you’ll want to provide includes:
- Information about your business – this typically includes your Employer Identification Number or EIN number, the business’s name and address and a business plan that details how you will use the loan.
- Financial statements – these include your annual revenues, costs, profits, tax returns and bank account statements from your business and the owner/s.
- Details about the owner/s – you need to provide the names of the owner/s, their social security numbers and addresses of anyone who owns a certain percentage of your business. Along with their tax returns and personal financial statement.
Running a business gives you an opportunity to achieve financial freedom. At CCCU, we have helped many local businesses in Clark County and will continue to be a lending hand to future entrepreneurs. Learn how CCCU helped a restaurant owner open its second location in Las Vegas in our April newsletter.
For more information about our commercial banking and loans, please visit CCCULV.ORG or call us at 702-228-2228.