Define what your business needs
Before anything else, get clear on what the loan is for and roughly how much you need. Working capital, equipment, a business vehicle, inventory, staffing support, everyday expenses, etc. The more specific you can be about the purpose, the easier it is to compare options and put together a stronger application.
Review your loan options
LMCU's Small Business Lending covers a range of needs: business vehicles, equipment and machinery, unsecured term loans, and the MyBiz Visa. Most requests fall between $5,000 and $100,000. If your business needs more than that, the Commercial Lending team is the right next call.1
Gather your documents
Getting your documents together early is one of the best things you can do to keep things moving. For all small business loans, plan to have valid ID for all business owners, two years of business tax returns, two years of personal tax returns, and applicable business documents.
Business documents may include EIN verification, business registration, Articles of Organization, an Annual Report or other state/county filings, corporate records, an Operating Agreement, Partnership Agreement, Bylaws, Corporate Meeting Minutes, a Corporate Resolution, or an Assumed Name Certificate.
Some items may not be required for existing LMCU Business Members, and eligibility may vary by business type. No additional documentation is required for Unsecured Term Loans.
Check for loan-specific documents
Some loan types call for a few extra documents. For auto or equipment loans, that might include a vehicle title, a serial number for non-titled equipment, an invoice or dealer write-up, registration for a plate transfer, or proof of insurance.
Apply and stay connected
When you're ready, you can apply online or reach out to the team directly. After you apply, someone from our lending team may follow up to confirm details or request additional information. That's a normal part of the process. Staying responsive helps keep things moving on your end.
Have questions before you apply?
Not sure which loan fits, or just want to talk it through first? Our Small Business Lending team is ready to help you figure out the right move before you apply.
Disclosures
Subject to credit approval and income qualification.
