Business Loan Partnerships
U.S. Small Business Administration (SBA)
As a partner in the SBA loan guarantee program, Tongass Federal Credit Union can make loans directly in the Express and Patriot Express programs. SBA pre-approval is not required so the loans can be made more quickly. SBA is guaranteeing the loan; the credit union is deciding and making the loan. Based on the program, the SBA guarantee can be up to 85% of the borrowed amount.
Why use the SBA? There are a number of reasons a business might not qualify for a regular loan. With the SBA guarantee, the credit union reduces its risk and may qualify your business for a loan. Apply at the Loan Center and our business loan officer will determine if the SBA guaranteed loan fits your business.
For more information, visit the SBA website here.
Evergreen Business Capital
Tongass Federal Credit Union has partnered with Evergreen Business Capital to provide loans under the SBA 504 loan program. The 504 program provides shared financing, which allows a member business to get a loan with as little as 10% down payment. The usual split is 50% credit union financing, 40% Evergreen financing, and 10% member down payment.
A portion of this type loan may qualify for a fixed interest rate and a longer term on commercial real estate. Apply at the Loan Center and our business loan officer will determine if the SBA 504 loan fits your business.
For more information visit the Evergreen Business Capital website here.
Bureau of Indian Affairs (BIA)
Tongass Federal Credit Union is approved as a Bureau of Indian Affairs participant it the BIA Loan Guarantee program. We are also proud to announce that we are the first credit union to become an approved BIA Lender! TFCU member businesses with Native American owners can apply to have up to 90% financing guaranteed by the BIA. Applicants must be an enrolled member of a federally recognized Tribe and the owner must have at least 20% tangible equity in the project being financed. Apply at the Loan Center and our business loan officer will determine if a BIA loan is right for your business.
For more information, visit the BIA website here.
United States Department of Agriculture (USDA)
Tongass Federal Credit Union has partnered with the USDA to participate in its Business and Industry Loan Guarantee program. This program provides up to a 90% USDA guarantee on loans made by the credit union for qualified projects. The focus of this program is to improve the economic and environmental climates in rural communities.
This program is a very good option for larger loans with more complex structure. The USDA program is unique in that a wider range of applicants can qualify under the program, such as cooperatives and not-for-profit organizations. Apply at the Loan Center and our business loan officer will decide if a USDA loan is best for you.
For more information visit the USDA website here.