Two business owners in their cafe

Business loans for Michigan companies

Great ideas in business often take money. A business loan from Community Choice Credit Union can provide you the resources to make your ideas become a reality. Our Business Services team has years of experience helping businesses grow and expand. We can look at your objectives and financial situation, and help you decide which type of loan is best for your business


Since 1935, Community Choice Credit Union has been helping members make the best decisions with their money. If you want to create a business, expand an existing one, or need additional cash flow, Community Choice Credit Union can help. Call us today at 877.243.2528 ext. 1043, visit your nearest member center or email a Business Services Specialist. 

 

 

 


Types of business loans 

There are four major types of business loans: long-term, short-term, lines of credit, commercial real estate and SBA. 

Long-term loans and short term loans

Long term loans are generally paid for in monthly installments. They are usually for larger amounts of money, and have lower interest rates. 

Short term loans are due at the end of the specified time. They are commonly used for small projects or acquisitions. Generally they are for less than $100,000, and have higher interest rates. 

Lines of credit 

Lines of credit are a continuously available loan, similar to a credit card. Like personal credit cards, lines of credit can have high interest rates and are best used for short-term purchases. 

Commercial real estate loans

This type of loan is often used to purchase or refinance commercial real estate including office, industrial, and commercial use property. 

SBA loans

SBA loans can be an effective way to expand your rapidly growing company. We offer a variety of SBA loan types including SBA express, SBA 7a and SBA 504. To figure out which SBA loan might be right for you, please contact a Business Services team member at 877.243.2528 ext. 1043. 


Platinum Business Visa® credit card

A Community Choice Visa Platinum Business credit card provides convenient access to make your everyday business purchases or accompany you while you are on your business trip. While enjoying a rate as low as 9.90% APR*, you'll also receive additional benefits including: 

 

  • No annual fee
  • No balance transfer fee
  • No teaser rates
  • Consolidated or individual payments
  • Mobile app
  • e-Pay

Learn more

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Effective 08/01/15. Rates subject to change without notice and are for informational purposes only. For details or latest rate information, contact a credit union representative.

 

*All rates are disclosed as Annual Percentage Rates. Your rate will be based on your credit history, approximate term, and security offered. A loan officer will let you know the rate you qualify for after reviewing your application documents. .50% basis points will be added to the APR for refinances of existing credit union loans.