Business Loans FAQ
ATTN:
Unfortunately, we are not processing any new prospective business loans at this time. We’re building our internal infrastructure for future expansion and supporting the lending needs of our existing business members. Hopefully, we will be back online accepting applications for all members by the end of the year.
Thank you for your patience and understanding.
Q: What do I need to apply for a business loan?
A: You will need the following information:
- Employer Identification Number (EIN), state registration and last three 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: I do not have my Employer Identification Number (EIN). Can I still apply?
A: You must have your EIN to apply for a loan, unless you are registered with the state as a Sole Proprietor. If you do not have an EIN, you can visit the IRS website to see how you can obtain one.
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.
Illinois: https://tax.illinois.gov/forms/reg/reg-1.html
Missouri: https://www.sos.mo.gov/business/corporations/startBusiness#entityReg
Q: I do not have the last three years of tax returns. What should I do?
A: You will need the last three years of your personal and business tax returns to apply for a business loan. If you do not have this information, please reach out to your tax preparer or accountant. You can also visit IRS website to request copies at https://www.irs.gov/newsroom/heres-how-people-can-request-a-copy-of-their-previous-tax-return.
Q: How much can I borrow from St. Louis Community Credit Union (SLCCU)?
A: The Credit Union offers:
- A: The Credit Union offers Commercial Loans ($25,000 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?
A: You can look to the following partner for further resources and support:
The Small Business Empowerment Center -- offers a wide variety of small business services.
Q: What are the current interest rates and fees?
A: Interest rates and fees may vary and are determined at the time of approval.
Q: I need a business checking account. If I don’t have one, where should I go?
A: We offer business checking and savings accounts to fit your needs.
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?
A: This will depend on the type of loan and the needs of your business.