Lafayette Federal Credit Union
Lafayette Federal Credit Union is an active SBA lender in Maryland, a credit union offering SBA-guaranteed small-business loans. Currently rated 4.5 stars across 126 Google reviews.
About Lafayette Federal Credit Union
Offering comprehensive financial services tailored for small businesses and individuals, this lender specializes in SBA loans, including the popular 7(a) program. They provide flexible financing options to support business growth, equipment purchases, and working capital needs. With a focus on personalized service, they assist clients throughout the loan process, from application to approval, ensuring a smooth experience. Their expertise extends to supporting startups and established businesses alike, with a commitment to fostering economic development in the Rockville area. The institution also offers various banking products, including checking and savings accounts, to meet diverse client needs. Their team of experienced lenders works closely with borrowers to identify the best financing solutions, leveraging their strong local presence and industry knowledge. Whether you're seeking a small business loan or need assistance with financial planning, they are dedicated to helping you succeed. The bank's community-oriented approach emphasizes building lasting relationships and supporting local economic growth. They are well-versed in SBA lending nuances, ensuring clients receive the guidance necessary to navigate the application process effectively.
Common questions about Lafayette Federal Credit Union
What is this place and what can I find here?
This is a financial institution offering SBA loans, including the 7(a) program, to support small business growth. You can find personalized lending solutions, expert guidance, and various banking services tailored to your needs.
Do I need an appointment or can I walk in?
It's recommended to schedule an appointment to ensure dedicated time with a lender, but walk-ins are also welcome during business hours. Calling ahead can help streamline your visit and prepare necessary documentation.
What are the hours of operation?
The bank operates Monday through Friday from 9:00 AM to 5:00 PM. Some services may be available by appointment outside regular hours; it's best to contact the branch directly for specific inquiries.
Is there a fee to use this?
There are no fees for simply visiting or consulting with the bank. Loan applications and services may involve fees or interest charges, which will be clearly disclosed during the process.
Who is this open to — anyone, or only residents/members?
This institution primarily serves members of the community and small business owners in the region. Membership requirements may apply for certain banking products, but SBA loan services are generally accessible to qualified applicants.
What minimum personal credit score does this lender look for in a guarantor?
A minimum personal credit score of around 650 is typically required, though higher scores improve approval chances. The bank considers overall creditworthiness and financial stability during underwriting.
How long does the traditional underwriting process take from start to close?
The underwriting process generally takes between 30 to 60 days, depending on the complexity of the application and completeness of documentation. Early preparation can help expedite approval.
Is this open on weekends?
Most credit unions keep weekday business hours and are closed on weekends, and Lafayette 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 Lafayette Federal Credit Union to confirm current weekend availability before you go.
How do I get there and where do I park?
Lafayette Federal Credit Union is located in Maryland — 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.
Who owns or operates this listing?
This page is an independent directory listing for Lafayette Federal Credit Union, an SBA-participating credit union. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Lafayette Federal Credit Union itself, which runs its own lending under its own ownership. If you work at Lafayette Federal Credit Union, you can claim this listing from this page to manage it.
How current is the information on this page?
The core details for Lafayette 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 Lafayette Federal Credit Union before applying. If you represent Lafayette Federal Credit Union, claim this listing to keep its information up to date.
How do I contact this listing directly?
You can reach Lafayette Federal Credit Union by phone at (301) 929-7990 or online at lfcu.org — 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 Lafayette Federal Credit Union before relying on them.
What core industries does this lender traditionally choose to finance?
Like most SBA lenders, Lafayette 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 Lafayette Federal Credit Union directly which industries it actively lends to before you apply.
Can I apply for an SBA Express line of credit at this lender?
SBA Express offers lines of credit and term loans up to $500,000 with a faster turnaround than standard 7(a) loans. Whether Lafayette Federal Credit Union participates in SBA Express depends on its specific SBA lending authority. Contact Lafayette Federal Credit Union and ask if it offers SBA Express and what the current limits and terms look like for your situation.
Does this lender have Preferred Lender Provider status with the government?
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. Lafayette Federal Credit Union can confirm its current PLP standing — ask before you apply if speed matters to you.
Are start-up companies eligible for financing at this lender?
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. Lafayette Federal Credit Union's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Lafayette Federal Credit Union directly whether it considers start-up loans.
What are the typical down payment expectations for commercial real estate acquisitions?
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 Lafayette Federal Credit Union what down payment it expects for your specific commercial real estate purchase.
Does this lender impose prepayment penalties on short-term working capital facilities?
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 Lafayette Federal Credit Union to spell out any prepayment penalties before you sign.
Can I use loan proceeds from this lender to buy out an existing equity partner?
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 Lafayette Federal Credit Union to confirm it qualifies and how to document it.
Will historical personal bankruptcies automatically disqualify my loan application here?
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. Lafayette Federal Credit Union weighs this case by case under its own policy, so be upfront about your history and ask Lafayette Federal Credit Union how it evaluates prior bankruptcies.
