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SBA Loans

 

 

Interested in the SBA Paycheck Protection Loan?
Please see our SBA Paycheck Protection Program page for more information.

 

 

SBA Loans

At Seattle Credit Union, we know that saying ‘yes’ to loans for local businesses means saying yes to our community! That's why we offer Small Business Administration (SBA) loans for small businesses and back them with financial opportunities and resources they need to begin their path to prosperity.

 

Seattle Credit Union & SBA Loans

As their name suggests, SBA loans are loans guaranteed by the U.S. Small Business Administration. However, the SBA doesn't actually lend money. Instead, they work with a network of lenders who provide loans to small businesses such as Seattle Credit Union.

The SBA offsets some of the risk for lenders, making it easier for small businesses to access capital. Along with providing much-needed capital, some SBA loans also come with counseling and other types of support to help you sustain your business.

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SBA Loans/COVID-19 Specific

With the uncertainty surrounding COVID-19, many small business owners are confronted with unexpected expenses and interrupted business hours. Seattle Credit Union is here for you.

If you're worried about your business, a loan from the U.S. Small Business Administration (SBA) could help you manage costs until conditions improve.

 

The SBA is currently offering low-interest disaster loans for small businesses suffering substantial economic losses as a result of the coronavirus. These loans can be used to pay fixed debts, and cover payroll costs, accounts payable, and other bills. Non-profits and individuals may also be eligible. If you qualify for a disaster relief loan, you can apply online, by mail, or in person.

For more information, visit https://www.sba.gov/funding-programs/disaster-assistance

Looking for info on the SBA Payroll Protection Program? See our Payroll Protection Program page for more information.

 

 

FAQ

 

How to get an SBA loan for your business

You could be eligible for an SBA loan, even outside of emergencies, if you own a for-profit business that operates in the U.S. You'll need to have invested your own time or money into the business and exhausted other financing options.

SBA loans range from $500 to $5.5 million and can be used for a variety of business expenses. Loans can be used to cover working capital (revolving credit, loans, seasonal financing, etc.) and fixed assets (equipment, furniture, real estate, etc.).

Seattle Credit Union will carefully review the terms with you to specific eligibility requirements and restrictions.

Can I get an SBA loan if my business is affected by the coronavirus?

The Small Business Administration announced on March 12, 2020, that it will be offering low-interest federal disaster loans for businesses impacted by the coronavirus. Businesses can borrow up to $2 million if they qualify. There is a three-step process to apply for a disaster relief loan.

Does my business qualify as "small" for an SBA loan?

The Small Business Administration defines "small" based on revenue and number of employees. The exact numbers to qualify as a small business vary by industry. You can use the SBA's size standards tool to see if you qualify.

If you need money faster

If you can't wait to be approved for an SBA loan, we are now offering our Lifeline Loan to help qualified individuals meet their financial obligations during this uncertain time.

For more information about additional loan opportunities with Seattle Credit Union, please visit us at https://www.seattlecu.com/loans

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