Business Loans FAQ
A: You will need the following information:
- Employer Identification Number (EIN), state registration and last two years of tax returns
- Year-to-date (YTD) profit and loss statement, balance sheet and business debt schedule
- Cash flow statement or ability to create one
- Recent six (6) months of business bank statements
- Personal financial statement
Q: What if I am not registered with the state?
A: Your business must be registered in Missouri or Illinois. Please visit the Secretary of State website to get started.
Q: How much can I borrow from St. Louis Community Credit Union (SLCCU)?
A: The Credit Union offers:
- Micro Loans ($10,000 up to $50,000)
- Commercial Loans ($50,000 up to $5,000,000)
Q: After I apply for the loan, when will I be contacted?
A: You will be contacted within three (3) business days of your application.
Q: Do you lend to nonprofits?
A: Yes, we lend to nonprofits, including faith-based nonprofits.
Q: Is there a cost to apply?
A: There is no cost to apply for a business loan.
Q: What services do you offer for my business aside from a loan?
Q: What are the current interest rates and fees?
Q: I need a business checking account. If I don’t have one, where should I go?
A: SLCCU is not offering business checking at this time. However, we do offer a business savings account. We also have a wide variety of personal checking options to fit your needs. If you are looking for a business checking account, please reach out to other area financial institutions.
Q: I have a question about my loan application. Who should I contact?
A: Please submit your questions through your online loan application. A loan officer will follow up once your question has been submitted.
Q: How do I make my business loan payment?
A: We offer various types of payment options, such as ACH payments from your main financial institution, through your SLCCU savings account, online bill pay, etc.
Q: How are the proceeds for my loan paid out?