Members Cooperative Credit Union

This is a community-focused credit union offering SBA loan programs and personalized banking services to small businesses and members in the Duluth area.

It's recommended to schedule an appointment to ensure dedicated service, but walk-ins are also welcome during business hours.

Typically, they operate Monday through Friday from 9 am to 5 pm, but it's best to check directly for current hours.

There are no fees for basic inquiries; fees may apply for certain services or loan processing, which will be disclosed upfront.

Membership is open to residents and small business owners in the Duluth area who meet the credit union's eligibility criteria.

A minimum personal credit score of around 650 is generally preferred, but standards may vary based on the loan and applicant profile.

The underwriting process typically takes 2 to 4 weeks, depending on the complexity of the application and completeness of documentation.

Most credit unions keep weekday business hours and are closed on weekends, and Members Cooperative 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 Members Cooperative Credit Union to confirm current weekend availability before you go.

Members Cooperative Credit Union is located in Minnesota — 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 Members Cooperative Credit Union, an SBA-participating credit union. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Members Cooperative Credit Union itself, which runs its own lending under its own ownership. If you work at Members Cooperative Credit Union, you can claim this listing from this page to manage it.

The core details for Members Cooperative 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 Members Cooperative Credit Union before applying. If you represent Members Cooperative Credit Union, claim this listing to keep its information up to date.

You can reach Members Cooperative Credit Union by phone at (800) 296-8871 or online at membersccu.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 Members Cooperative Credit Union before relying on them.

Based on its approved SBA loans, Members Cooperative Credit Union most often finances businesses in transportation & trucking, general retail, restaurants & food service, construction & contractors, and cleaning, landscaping & janitorial. This reflects Members Cooperative Credit Union's real SBA 7(a) and 504 lending history rather than a stated policy — it can still consider other industries and sets its own current preferences, so confirm with Members Cooperative Credit Union which sectors 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 Members Cooperative Credit Union participates in SBA Express depends on its specific SBA lending authority. Contact Members Cooperative 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. Members Cooperative 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. Members Cooperative Credit Union's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Members Cooperative 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 Members Cooperative 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 Members Cooperative 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 Members Cooperative 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. Members Cooperative Credit Union weighs this case by case under its own policy, so be upfront about your history and ask Members Cooperative Credit Union how it evaluates prior bankruptcies.