Business Microloan & Micro Line of Credit
The Valley First Credit Union Microloan Program offers closed-end loans and lines of credit up to $50,000 to eligible small businesses. Our program mirrors the principles of the SBA Microloan Program and other major commercial banks, ensuring our members can access the best possible resources and support.
Microloans and lines of credit can be used to enhance small business operations and meet various business needs. These include but are not limited to:
| Eligible Uses of Microloan Funds |
|---|
| The small business must become a member of Valley First Credit Union ($5 membership fee & $25 share account to be opened) |
| Available to all businesses in the 12 counties Valley First Credit Union serves. |
Eligible industries: • Manufacturing • Service • Retail • Agribusiness Support Companies • Professionals |
| The business must have been in operation for at least one full year. |
Business must be prepared to provide: • One to two years of filed business tax return • One to two years of filed personal tax returns • Personal financial statement, i.e., a breakdown of your personal assets and liabilities • A summary of business debts and income |
| Ineligible Uses of Microloan Funds |
|---|
| To maintain the integrity and purpose of the Microloan Program, proceeds from these loans cannot be used for the following: |
| Paying Existing Debts: Funds cannot be utilized to service existing debt obligations. |
| Purchasing Real Estate: This program does not cover acquiring real estate. |
| Requirements |
|---|
| The small business must become a member of Valley First Credit Union ($5 membership fee & $25 share account to be opened) |
| Available to all businesses in the 12 counties Valley First Credit Union serves. |
Eligible industries: • Manufacturing • Service • Retail • Agribusiness Support Companies • Professionals |
| The business must have been in operation for at least one full year. |
Business must be prepared to provide: • One to two years of filed business tax returns • One to two years of filed personal tax returns • Personal financial statement, i.e., a breakdown of your personal assets and liabilities • A summary of business debts and income |
Microloan Process
The application process for the Valley First Credit Union Microloan Program is designed to be straightforward and supportive. Our dedicated team works closely with applicants to ensure they meet eligibility criteria and provide guidance throughout the application process.
Initial Consultation: Prospective borrowers schedule a consultation with our team to discuss their business needs and eligibility.
Application Submission: Complete and submit the microloan application, including all required documentation (online or with Commercial Team).
Review and Approval: The underwriter reviews application, assessing the viability of the business and the proposed use of funds. The Commercial Banking team completes the processing by highlighting next best steps, collecting required supporting documents, and ensuring member understands the product.
Funding: Upon approval, the Commercial Banking team schedules the final document signing and completes funding.
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