Cooperative Federal Credit Union
Small Business Loans
Get the financing you need to start, strengthen, and grow your business. Cooperative Federal provides flexible and scalable solutions for small businesses at all stages, whether you're just getting started or reaching for the next level. We work with you and get to know your business so that you can get the right loan at the right time.
Cooperative Federal focuses on entrepreneurs that are often excluded and underserved, including people of color, women, and people with low household income. We're here to bridge gaps in access to capital and unlock economic opportunity for everyone.
Types of Business Loans
A term Business Loan can be used for equipment, vehicles, inventory, supplies, and other business expenses. If you need a lump sum of cash to start or expand your business, repaid in flat monthly installments, this may be the right option for you.
- No minimum loan amount
- Up to $20,000 unsecured OR $720,000 secured
- 60 month maximum term
Get a revolving credit line to support your short-term working capital needs. This product can be used for day-to-day expenses like inventory, supplies, payroll and other operating costs, ensuring you're prepared to cover temporary cash flow gaps.
- No minimum loan amount
- Up to $20,000 unsecured
- 12 month term, renewable by annual review
Access the funds you need to help your business grow. A BELOC can be used for equipment, business-purpose vehicles, inventory and other working capital needs.
- No minimum loan amount
- Up to $720,000 secured
- Business assets required as collateral; may include assignment of proceeds of a contract
- 180 month maximum term (capped at useful life of collateral)
Cooperative Federal offers mortgages for the purchase, refinance, or improvement/construction of commercial, mixed-used, and residential (investor owned) real estate. We work with responsible, local landlords that provide safe, well-maintained, and affordable housing options to the communities we serve.
- Residential 1st Lien Mortgage: Up to $400,000, 240 months maximum term
- Commercial 1st Lien Mortgage: Up to $720,000, 240 months maximum term
- 2nd Lien Mortgage: Up to $100,000, 84 months maximum term
Business owners can request a credit line secured by their primary residence.
- Up to $200,0000
- 180 months maximum term
The NYS Contractor Financing Program is for businesses that are prime or subcontractors working on a project or procurement that receives all or part of it's financial backing from a New York State Agency, New York State Municipality, County, Town, Village, Public School District, or other legally recognized government entity. Read more.
Nonprofits organizations that need a loan in order to complete a reimbursable grant project may be eligible for financing from Cooperative Federal. Contact us to learn more.
Get Ready to Apply
Applying for a business loan can feel like a big undertaking for a busy business owner - but we're here to help!
- To get guidance and support on your business roadmap, and talk about how a loan might help you, request a consultation through our free Business Advising Program.
- You can also meet with a Loan Officer to ask discuss your questions about the loan application and learn more about our business loan options.
- Before you start filling out our Docusign loan application, you can use the list of Samples and Templates below to get prepared.
- Printable Loan Application - Download a PDF to review and prepare your application before you apply online.
- Personal Financial Statement - Please use this template or a similar form
- Corporate Resolution - Please use this template.
- Business Plan "EZ" - Sample format for a streamlined business plan. This template can be used for most microloan applications. To learn more about what type of business plan you will need to submit, please email our business team.
- Credit Relationships - Please use this template or a similar form
- Collateral Information - Please use this template or a similar form
- Loan Application Reference Form - Optional: This form can be completed by business advisors and submitted directly to our business lending team.
Cooperative Federal is proud to be a Participating Lender with Business Forward. Together, we're expanding access to capital tor small businesses ready to scale.
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All Credit Union loan programs are subject to application and credit approval. Membership eligibility required. Other restrictions may apply. Products, rates, terms, and conditions are subject to change at any time without notice. Contact us for current rates, terms, and conditions.