Small Business Loans

small business owner

Don't let financing stand in the way of your goals. We offer Small Business Administration (SBA) loans to help businessowners reach their full potential and fuel our country's economy.

LMCU Lightning Loans ›

  • Available for amounts between $50,000 and $350,000
  • Fast and efficient online process
  • Approval decisions in a week
  • Guidance from SBA loan experts
  • Great for working capital, equipment purchases, and inventory

SBA 7(a) Loans

  • Funding up to $5 million
  • Guidance from SBA loan experts
  • Commonly used for acquisitions, refinancing, buying furniture and equipment, buying or constructing buildings, and securing working capital

Advantages of an SBA Preferred Lender

Pay less

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

Dedicated SBA experts

Our award-winning SBA team provides competitive SBA loan rates, expedited approvals, and the answers you need when you need them.

Get answers fast

A streamlined approval process gets you answers quicker than non-preferred lenders.

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:

  1. Be a for-profit entity, not a nonprofit or charity organization
  2. Be at least 51% owned by U.S. citizens or legal permanent residents
  3. Have at least one year of tax returns on record, providing the SBA with a clear understanding of the business's financial history and stability

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.

Questions? We're here to help

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