If you are a small business owner or are planning on starting a small business, you may be eligible for a Small Business Loan from North Side Credit Union. The Small Business Loan can help you start or grow your business. You can borrow up to $35,000 ($15,000 for a start-up) and the rates are prime + 2% and for a maximum 5 year term. You must be located in Chicago and be at least 18 years old.

Description:

Loans between $5,000 and $35,000, depending on length of time in business

Terms:

Up to 5 years at prime + 2%

• Application fee: $25
• Other fees: collateral filing and processing fees, up to $300

Requirements:

• Credit Union member
• No bankruptcy in last 3 years
• 18 years of age or older
• 50% collateral coverage minimum
• Can be used for establishment of a new business; expansion of existing business; job creation and/ or retention; purchase of equipment/machinery/supplies or inventory.

How to apply:

• Complete loan application (this may be downloaded, picked up in our office, mailed or faxed to you).
• Please send back via mail, e-mail, fax or in person
• We will go through pre-approval, interview, approval, loan closing/disbursement. Process will take up to 20 business days after completed application is turned in.
• We will call to set up appointment if you pre-qualify

FAQ:

Please read FAQ or contact Tom Laures at 773-769-5800 x225 or email t.laures@northsidecommunityfcu.org for more information.