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Brooklyn Cooperative - Federal Credit Union
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Partnership with SBA

Brooklyn Cooperative participates in the Small Business Administration (SBA) Express Loan Program which offers promising businesses that might not otherwise qualify for business loans the chance to get the money they need to make their business continue to succeed.

Partnership with SBA and Capaccess

The SBA doesn’t make loans themselves, but guarantees a portion of a lender's loan. This lowers the risk to the lender, thus getting the ball rolling. A greater emphasis in loan decision-making is placed on factors such as a potential borrower's business plan and business history. The SBA does not back bailout loans, but rather focuses its efforts on helping businesses with proven success do better.

Loans backed by the SBA have slightly lower rates, at 9% APR for loans under $10K and 9.31% APR for loans above $10K. However the application review process for an SBA loan is longer than for other business loans.

 

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