Freedom First Federal Credit Union

This is a community-focused financial institution offering SBA loans and banking services tailored to small businesses and individuals in the Roanoke area. You can access financing options, banking support, and expert guidance to help grow your business or manage personal finances effectively.

You can walk in during business hours or schedule an appointment for more personalized service. It's recommended to call ahead to ensure availability and prepare any necessary documentation.

The Towers Branch operates Monday through Friday from 9:00 AM to 6:00 PM. For holiday hours or the most current schedule, contact Freedom First Federal Credit Union directly.

There are no fees for basic banking services, but loan processing and application fees may apply depending on the specific loan product. Always review the fee schedule before proceeding.

This institution primarily serves members of the community and small business owners in the region. Membership and eligibility requirements apply for certain services and loans.

Typically, a minimum personal credit score of 650 is preferred, but requirements may vary based on the loan type and applicant profile.

The underwriting process generally takes between 2 to 4 weeks, depending on the completeness of the application and the complexity of the loan.

Most credit unions keep weekday business hours and are closed on weekends, and Freedom First Federal Credit Union typically follows the same pattern. SBA lending staff are generally reachable Monday through Friday. A few locations offer Saturday or by-appointment hours, so call Freedom First Federal Credit Union to confirm current weekend availability before you go.

Freedom First Federal Credit Union is located in Virginia — see the contact card for the full address. Most credit union locations offer free on-site or nearby street parking for visitors. For exact directions, the entrance, and accessible parking, use the listed address or call ahead and staff can point you to visitor spaces.

This page is an independent directory listing for Freedom First Federal Credit Union, an SBA-participating credit union. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Freedom First Federal Credit Union itself, which runs its own lending under its own ownership. If you work at Freedom First Federal Credit Union, you can claim this listing from this page to manage it.

The core details for Freedom First Federal Credit Union — name, location, contact, and lender type — are compiled from public records and reviewed periodically. Rates, programs, credit policies, and hours change often and are not guaranteed here, so always confirm the latest terms directly with Freedom First Federal Credit Union before applying. If you represent Freedom First Federal Credit Union, claim this listing to keep its information up to date.

You can reach Freedom First Federal Credit Union by phone at (540) 389-0244 or online at freedomfirst.com — the details are in the contact card on this page. For SBA loans specifically, ask for their business lending or SBA department. Treat this directory page as a starting point and confirm hours and contact details with Freedom First Federal Credit Union before relying on them.

Like most SBA lenders, Freedom First Federal Credit Union can finance a broad range of small businesses — common categories include professional services, healthcare practices, restaurants and franchises, retail, light manufacturing, and commercial real estate. Each credit union sets its own industry preferences and may avoid sectors it considers higher risk. Ask Freedom First Federal Credit Union directly which industries it actively lends to before you apply.

SBA Express offers lines of credit and term loans up to $500,000 with a faster turnaround than standard 7(a) loans. Whether Freedom First Federal Credit Union participates in SBA Express depends on its specific SBA lending authority. Contact Freedom First Federal Credit Union and ask if it offers SBA Express and what the current limits and terms look like for your situation.

SBA Preferred Lender Program (PLP) status lets a lender approve loans in-house without sending each one to the SBA first, which usually means faster decisions. Many established credit unions hold PLP status, but it varies by institution. Freedom First Federal Credit Union can confirm its current PLP standing — ask before you apply if speed matters to you.

The SBA does fund start-ups, but many traditional lenders prefer at least two years of operating history and may ask newer ventures for a larger equity injection or stronger collateral. Freedom First Federal Credit Union's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Freedom First Federal Credit Union directly whether it considers start-up loans.

For SBA 7(a) and 504 commercial real estate loans, borrowers typically contribute around 10% to 20% as a down payment or equity injection, depending on the property and the deal. Exact requirements vary with your credit, the business, and the lender's policy. Ask Freedom First Federal Credit Union what down payment it expects for your specific commercial real estate purchase.

SBA 7(a) loans with terms under 15 years generally carry no prepayment penalty, while longer real estate loans can have one in the early years. Short-term working capital lines often have no penalty, but terms vary by lender. Review your loan agreement and ask Freedom First Federal Credit Union to spell out any prepayment penalties before you sign.

SBA loans can be used for a partner or owner buyout, including buying out an existing equity partner, when the deal is structured to meet SBA rules — for example, the remaining owner generally must stay actively involved. Approval depends on the specifics, so discuss your buyout plan with Freedom First Federal Credit Union to confirm it qualifies and how to document it.

A past personal bankruptcy does not automatically disqualify you from an SBA loan. Lenders look at how long ago it was discharged, the circumstances, and how your credit has recovered since. Freedom First Federal Credit Union weighs this case by case under its own policy, so be upfront about your history and ask Freedom First Federal Credit Union how it evaluates prior bankruptcies.