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Benefits of Getting a Small Business Loan From a Credit Union

Benefits of Getting a Small Business Loan From a Credit Union

Once you decide to borrow, be sure to select the institution and solution that will best benefit your business.

Get the best rate — and pay lower fees. As a non-profit, cooperative organization, credit unions are exempt from paying federal or state income taxes. Their non-profit classification enables them to pass would-be profits on to you in the form of lower lending rates and fees!

Obtain a loan quicker. Credit unions tend to offer smaller loans. These loan approvals typically require review by an underwriter, and not by a committee, which is often the case with a bigger lender. Combining superior membership relations, a lack of large institution bureaucracy, and smaller loan sizes often results in faster approval of your loan. That means you can get back to business quicker and with fewer interruptions. You can help expedite this process by submitting a detailed business plan when you apply. The plan should specify what the loan will fund and include a proposed repayment schedule.

Shop local. Clearview is a small community-based organization, so when you borrow from us, you’re also supporting the financial status of your community and helping to keep jobs local.

Choose the best way to borrow. Every business is unique and has different needs at various stages. At Clearview, we offer a variety of small business borrowing solutions to boost your business at every stage of growth. Contact us today for more details and we’ll help you choose the best option for your business.
  • Term Loans
  • Lines of Credit
  • Construction Loans
  • Commercial Real Estate
  • Standby Letters of Credit
  • Demand Loans
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