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Members Cooperative Credit Union

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Description

Members Cooperative Credit Union offers a range of SBA lending options designed to support small businesses in their growth and development. With a focus on personalized service, they provide financing solutions including SBA 7(a) loans to help entrepreneurs access capital for various needs such as working capital, equipment, and expansion. Their experienced team guides clients through the application process, ensuring a smooth experience from start to finish. Located in Duluth, Minnesota, they serve local business owners with a commitment to community development and financial empowerment. The credit union’s flexible lending criteria and dedicated support make them a reliable partner for small business success. Whether you’re starting a new venture or expanding an existing business, Members Cooperative Credit Union is equipped to assist with your financing needs, offering competitive terms and personalized service tailored to your business goals.

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Q&A

Lender Type
Commercial Bank
Google Rating
3.3
Google Review Count
86
Question 1
What is this place and what can I find here?
Answer 1
This is a community-focused credit union offering SBA loan programs and personalized banking services to small businesses and members in the Duluth area.
Question 2
Do I need an appointment or can I walk in?
Answer 2
It"s recommended to schedule an appointment to ensure dedicated service, but walk-ins are also welcome during business hours.
Question 3
What are the hours of operation?
Answer 3
Typically, they operate Monday through Friday from 9 am to 5 pm, but it"s best to check directly for current hours.
Question 4
Is there a fee to use this?
Answer 4
There are no fees for basic inquiries; fees may apply for certain services or loan processing, which will be disclosed upfront.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
Membership is open to residents and small business owners in the Duluth area who meet the credit union"s eligibility criteria.
Question 6
What minimum personal credit score does this bank look for in a guarantor?
Answer 6
A minimum personal credit score of around 650 is generally preferred, but standards may vary based on the loan and applicant profile.
Question 7
How long does the traditional underwriting process take from start to close?
Answer 7
The underwriting process typically takes 2 to 4 weeks, depending on the complexity of the application and completeness of documentation.
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