Small Business Lending
Three financing options to grow your small business. One lending team dedicated to helping new and long-standing businesses flourish across our community.
SBA Loans
Need funds to grow your small business? Start here.
Looking for flexible terms and lower-equity contributions? An SBA 7(a) Loan increases your cash flow with minimal impact. It’s ideal for real estate, business, or franchise acquisitions, expansions, or refinancing. You can also use it for business line of credit restructuring or refinancing and acquisition of machinery and equipment up to 100%.
- Borrow up to $5 million if your small business meets the qualifications1
- 25-year terms for real estate, 15-year terms for non-real estate debt
- Lower loan payments based on longer amortization
- No future balloon payments
- Variable and fixed-rate options
Want low-risk, long-term, fixed- or variable-rate financing? SBA 504 Loans allow for shared costs with Certified Development Companies (CDCs) to support economic growth. CDCs typically contribute 40% of the loan, and Great Lakes Credit Union will provide up to 50%. For an average SBA 504 loan, your contribution could be only 10% of the project cost.
- Up to 25 years bank loan and CDC/SBA debenture for real estate
- Up to 10 years bank loan and CDC/SBA debenture for machinery and equipment
- Up to 90% financing with longer loan amortizations
- Qualify for $1.5 to $10 million loans with fixed rates
“Scott was great at getting my loan set up, giving me all the info I needed to send and timing. Looking forward to doing additional business with GLCU!”
Small Business Lending FAQs
Got questions? We’ve got answers. Don’t see an answer to your question here? Contact us, and a team member will be happy to help.
Unsecured Loans
Need a collateral-free loan to manage cash flow? Just ask.
At Great Lakes Credit Union, we know what it takes to run a small business. That’s why we offer unsecured financing to help you manage unexpected expenses. Note: Sole Proprietors/DBAs with SSN should apply for a Consumer Personal Loan.2 Lending requirements vary by business type. All businesses must have a Certificate of Good Standing and those with an EIN must confirm EIN with an IRS letter.
- No collateral or fees required
- Terms up to 60 months
- Sole Proprietors/DBAs must provide a Business License if applicable
- General Partnerships must provide a Partnership Agreement
- Limited Partnerships or LLPs must provide a Certificate of Limited Partnership
- LLCs must provide Articles of Organization and an Operating Agreement
- Corporations must provide copies of Articles of Incorporation and Bylaws
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Auto Loans
Need an auto loan for new or used vehicles? We’re here for you.
Great Lakes Credit Union is proud to offer small business auto loans. Talk with one of our lenders to get pre-approved. You’ll have more bargaining power at the dealership, plus insight into where you stand with payments before you sign on the dotted line. Looking to refinance your existing small business auto loan? We can help with that, too.
- Low auto loan rates
- Vehicle titled in business name
- 0.25% APR2 discount with automatic payments
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Small Business Unsecured Loan Rates
Showing rates for
Effective Date 12/05/2025
Disclosure:
1Business must be established for a minimum of one year. Business and borrower/guarantor must be located in Illinois or Wisconsin.
2Please review the Great Lakes Credit Union Privacy Policy regarding personal information.
3APR=Annual Percentage Rate. Actual rate based on credit history, income, vehicle model year, mileage, and other factors. Rates include discount of 0.25% APR when you set up an automatic payment to pay your loan each month.
Available in IL and WI only.
These rates are subject to change at any time.
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