Get the government to work for you
The FBI. The IRS. The alphabet soup of federal agencies can seem scary. But really, the SBA is your friend if you’re having trouble qualifying for a regular business loan. You apply for an SBA loan through us. The feds promise to repay a portion of the borrowed money if you start to struggle. That guarantee boosts your odds. In 2014, we were the SBA’s Massachusetts Credit Union of the Year. Yes, we took home the prize. But we’re even happier when you take home the money.
Here are your options when applying for an SBA Loan at Workers:
- SBA Express: Loans up to $350,000 with flexible payment options and longer terms than traditional loans. Funds may be used for working capital, equipment, inventory, expansion or real estate purchases.
- 504 Loans: Provides small businesses with long-term financing to acquire, construct, or expand their business location or purchase machinery and equipment. Borrowers can contribute as little as 10 percent in equity.
- Traditional 7(a): Businesses with special requirements can borrow up to $5 million. Proceeds may be used to establish a new business or to assist in acquisition, operation, or expansion of an existing business.
- Rapid response. Workers has been approved under SBA’s Preferred Lending Program to provide faster access to capital.
Workers Credit Union provides banking services to greater Chelmsford, Westford, Acton, Groton, Townsend, Lunenburg, Lancaster, Leominster, Fitchburg, Orange, Lowell, Tewksbury, Concord, Clinton, and Athol, MA. Contact us to apply for your SBA Loan or to ask any questions.