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Michigan First Credit Union

Offering comprehensive SBA lending services, this financial institution specializes in supporting small businesses through various loan programs. With a focus on the 7A loan program, it provides funding solutions tailored to meet the needs of entrepreneurs seeking capital for growth, working capital, or acquisitions. The institution is equipped to handle loan requests up to $536,200, ensuring flexible options for a variety of business sizes and industries. Its experienced lending team works closely with clients to streamline the application process and deliver personalized financial solutions that align with business goals. Located in Lathrup Village, MI, the bank maintains a strong commitment to local economic development while serving a broader regional or national customer base. Whether you’re starting a new venture or expanding an existing business, this lender offers the expertise and resources necessary to help you succeed.

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Lender Type

Commercial Bank

Google Rating

2.8

Google Review Count

341

Question 1

What is this place and what can I find here?

Answer 1

This is a financial institution that offers SBA loan programs, including the 7A loan, to support small business growth and expansion. You can find personalized lending solutions tailored to your business needs and access to experienced financial advisors who can guide you through the application process.

Question 2

Do I need an appointment or can I walk in?

Answer 2

It"s recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-in consultations may also be available during business hours. Calling ahead can help you prepare and streamline your visit.

Question 3

What are the hours of operation?

Answer 3

The branch typically operates during standard banking hours, from 9:00 AM to 5:00 PM, Monday through Friday. It"s best to check directly with the branch for specific hours or any holiday closures.

Question 4

Is there a fee to use this?

Answer 4

There are no fees for simply visiting or consulting; however, loan processing and application fees may apply depending on the specific SBA loan program and terms.

Question 5

Who is this open to — anyone, or only residents/members?

Answer 5

This institution primarily serves members and residents of the local community, but business clients from broader regions may also access services based on eligibility and loan requirements.

Question 6

What minimum personal credit score does this bank look for in a guarantor?

Answer 6

Typically, a minimum personal credit score of 640 is preferred, but the exact requirement may vary based on the loan type and overall financial profile.

Question 7

How long does the traditional underwriting process take from start to close?

Answer 7

The underwriting process generally takes between 30 to 60 days, depending on the complexity of the loan and completeness of the application.

Michigan First Credit Union

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