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Diversified Members Credit Union

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Description

Providing comprehensive financial services, this institution specializes in SBA lending programs to support small businesses. With a focus on the Detroit area, it offers tailored loan solutions to meet diverse business needs, including working capital, equipment purchases, and expansion financing. Their SBA 7(a) program is well-established, allowing businesses to access up to $500,000 in funding with flexible terms. The institution emphasizes personalized service, guiding clients through the loan process from application to approval, ensuring a smooth experience. They serve a broad range of industries, with particular strength in professional services and manufacturing sectors. Whether you’re a startup or an established business, they are committed to helping you achieve your growth objectives with competitive rates and dedicated support.

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Q&A

Lender Type
Commercial Bank
Google Rating
4.1
Google Review Count
293
Question 1
What is this place and what can I find here?
Answer 1
This is a financial institution offering SBA loan programs and small business banking services. You can find support for business growth, expansion, and working capital needs through personalized lending solutions.
Question 2
Do I need an appointment or can I walk in?
Answer 2
It is recommended to schedule an appointment to ensure dedicated service, but walk-ins are also welcome during business hours for general inquiries.
Question 3
What are the hours of operation?
Answer 3
Typically, they operate from 9:00 AM to 5:00 PM, Monday through Friday. It’s best to check directly with the branch for specific hours or appointment availability.
Question 4
Is there a fee to use this?
Answer 4
There are no fees for initial consultations, but standard loan application and closing costs may apply depending on the loan terms.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This institution primarily serves small business owners and entrepreneurs within the Detroit region, with a focus on local community support.
Question 6
What minimum personal credit score does this bank look for in a guarantor?
Answer 6
A minimum personal credit score of 640 is generally required, though higher scores improve approval chances.
Question 7
How long does the traditional underwriting process take from start to close?
Answer 7
The process typically takes between 30 to 60 days, depending on the complexity of the application and completeness of documentation.
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