Small Business Administration (SBA) Loans

Don't let financing stand in the way of your dreams. We offer loans backed by the U.S. government's Small Business Administration (SBA) designed to help entrepreneurs grow small businesses. The best part? LMCU is an SBA Preferred Lender, allowing us to provide better terms and competitive SBA loan rates, expedited approvals, and the answers you need when you need them.

SBA 7(a) Loans

The 7(a) loan is the SBA's flagship program for lending capital to small businesses and offers a wide range of loan sizes and terms for entrepreneurs. The SBA loan guarantee allows LMCU to offer more favorable rates and terms, saving you money.

SBA 7(a) loans can be funded up to $5,000,000 and are commonly used for:

  • Acquiring an existing business
  • Purchasing a franchise
  • Refinancing current business debt
  • Buying furniture, fixtures, equipment, or inventory orders
  • Purchasing commercial real estate
  • Constructing or renovating a building
  • Securing short- or long-term working capital

To get started with LMCU's 7(a) SBA loan application, connect with our SBA lending team.

LMCU Lightning Loans

Looking for quick and convenient funding? If you are borrowing between $50,000 and $350,000, our SBA Lightning Loan program streamlines every step of the process, resulting in fast approvals for working capital, equipment purchases, or inventory.

Here's how it works:

  1. Create an account and application using the link below
  2. After you submit your digital application, we'll send you a checklist of requirements
  3. Once we have everything, you will receive an approval decision within 1 week
  4. If approved, we will send you a term sheet and process the loan

Starting your SBA application only takes a minute.


Requirements

LMCU offers SBA loans to support small businesses based in Michigan and Florida. To qualify for an SBA loan, you must have a personal credit score of 680 or higher, and your business must:


FAQ

  • Why should I take out an SBA loan?

    Both LMCU and the U.S. government know that small businesses benefit the local communities they serve and want to encourage their growth and success. SBA loans are specifically designed for small business owners who might not have the level of capital or collateral required to qualify for a traditional bank loan. They offer more flexible borrowing limits and repayment plans, great for the unique circumstances small businesses can find themselves in.

  • Why should I borrow with LMCU?

    LMCU's dedicated SBA lending team works closely with businesses of all industries and types. We will take the time to get to know you and your situation so we can recommend the best course of action to help you achieve your business goals now and in the future. We are also an SBA Preferred Lender, allowing us to offer additional benefits when you finance with us.

  • Is LMCU an SBA Preferred Lender?

    The SBA has approved LMCU as an SBA Preferred Lender. Being part of the SBA Preferred Lender Program means we can offer a superior experience when you borrow with us.

  • Does LMCU offer 504 loans?

    If you're looking for SBA 504 loans or a conventional commercial loan, our commercial lending team is ready to assist. We'll work with you to structure financing that fits your needs.

  • Do I have to be an LMCU member to take out an LMCU SBA loan?

    Yes. If you are not already an LMCU member, a $5 membership is required and will be part of the lending process.

Pay less

Our SBA Preferred Lender designation often gives us the ability to offer better terms and rates.

Get answers quickly

A streamlined approval process gets you answers up to four weeks faster than non-preferred lenders.

Work directly with us

We can approve SBA loan requests in house without having to get external SBA approval, so you know who you're working with.

Questions? We're here to help

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