Small-dollar financing with no fees for established businesses.

  • Best for financing a small expense at a low rate.
  • Pick something else if your credit score is below 700 or don’t have collateral.

$50,000

Max. Amount

Details

Product Name Lake Michigan Credit Union business loans
Max. Amount $50,000
Loan Term Up to 20 years
Min. Credit Score 700
APR 5% to 7%
Requirements Personal credit score of 700+, established business, willing to become a member

Application Criteria

  • Have a personal credit score of at least 700
  • Be an established business
  • Be a member or willing to become a member of Lake Michigan Credit Union

How much will this loan cost me?

Lake Michigan Credit Union term loans come with rates from 5% to 7% — though we weren’t able to verify if these or any product details were up to date when we reached out in June 2020. There are no application or origination fees.

There’s no minimum to how much your business can borrow, though they max out at $50,000. Your business can take as long as 20 years to pay off the loan — though you might want to avoid such a long loan term to save on interest.

Use the calculator below to see how much you might pay each month based on different rates and terms within the ranges this lender offers.

Business loan calculator

See how much you’ll pay

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Fill out the form and click on “Calculate” to see your estimated monthly payment.

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How it works

Generally, you’ll need to be profitable with several years in business and have an excellent credit score of about 760 or higher to get the lowest rate on this loan. The loan amount and term you’re eligible for also typically depends on how much revenue your business brings in each month and whether you can afford the repayments.

With many credit union loans, longer terms also come with higher rates. However, Lake Michigan Credit Union doesn’t specify if this is true for its loans.

What do I need to qualify?

To be eligible for a business loan from Lake Michigan Credit Union, you must:

  • Have a personal credit score of at least 700
  • Be an established business
  • Be a member or willing to become a member of Lake Michigan Credit Union

If you’re not already a business member, you can join when you apply — a representative can walk you through the business membership application. While Lake Michigan Credit Union only has branches in Michigan and Florida, anyone can become a member by making a $5 contribution to the ALS Foundation.

Like the loan amount, rates and terms, we were unable to confirm these requirements when we reached out in June 2020.

What information do I need to apply?

Lake Michigan Credit Union doesn’t specify which documents you’ll need when you apply for a loan — it depends on your business’s specific situation. However, it’s common for business lenders to ask for at least three months of personal and business bank statements, tax returns, balance sheets and financial projections.

What industries does Lake Michigan Credit Union work with?

Lake Michigan Credit Union doesn’t single out any specific industries as ineligible. But you might have a hard time qualifying if your business is in an industry that lenders consider to be high risk. This can include industries such as insurance, accounting, wholesaling and transportation.

The best way to find out if your industry is eligible is reach out to the customer support team by calling 616-301-8899.

What other types of financing does Lake Michigan Credit Union offer?

In addition to term loans, you can find the following types of business financing through this credit union.

  • Lines of credit. Access to cash as your business needs it to fund an ongoing project like construction.
  • Business Rewards Visa. This credit card can help cover small expenses that don’t need to be paid in cash like travel and meals with clients.
  • Real estate loans. Financing for expanding your current space, moving to a new building or buying property for your business.
  • Letters of credit. A letter from the bank backing your business’s transactions to help you start working with a new vendor or break into a new market.
  • SBA loans. This credit union offers both 7(a) and CDC/504 loans, backed by the Small Business Administration (SBA).

Pros and cons

Weigh the benefits and drawbacks of a Lake Michigan Credit Union business loan before you decide to apply.

Pros

  • Rates from 5% to 7%
  • No origination fee
  • No minimum amount
  • Live chat available

Cons

  • No online application
  • No loans over $50,000
  • High minimum credit score of 700
  • Few product details available online

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