Brooklyn Cooperative FCU

This is a commercial bank that offers SBA loan programs and small business financing solutions, providing expert guidance to entrepreneurs in the New York City area.

It is recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-ins may be accommodated depending on availability.

Brooklyn Cooperative FCU hours vary by branch. Bushwick (1308 Myrtle Ave): Mon/Wed/Thu 9am-2pm, Tue 9am-4pm, Fri 9am-6pm, Sat 9am-2pm. Bedstuy (1368 Fulton St): Mon/Tue/Fri 9am-4pm, Wed closed, Thu 11am-6pm, Sat 9am-2pm. East NY (282 Chestnut St): Mon/Tue closed, Wed/Thu 9am-2pm, Fri 9am-4pm, Sat 9am-2pm. Confirm with your specific branch.

There are no fees for simply visiting or consulting; however, loan application and processing fees may apply during the financing process.

This bank primarily serves small business owners and entrepreneurs in the New York City area, with membership requirements based on business location and eligibility.

A minimum personal credit score of around 640 is generally preferred for guarantors applying for SBA loans.

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

Brooklyn Cooperative FCU is open Saturday mornings (9am-2pm) at all three branches but closed Sundays. Specific hours vary by branch and day, so contact your local branch directly.

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

The core details for Brooklyn Cooperative FCU — 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 Brooklyn Cooperative FCU before applying. If you represent Brooklyn Cooperative FCU, claim this listing to keep its information up to date.

Contact Brooklyn Cooperative FCU at (718) 418-8232, email info@brooklyn.coop for general inquiries, business@brooklyn.coop for business accounts, or loans@brooklyn.coop for small business loans. Confirm current contact details directly with the lender.

Based on its approved SBA loans, Brooklyn Cooperative FCU most often finances businesses in general retail, restaurants & food service, transportation & trucking, salons, spas & personal care, manufacturing, and wholesale & distribution. This reflects Brooklyn Cooperative FCU'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 Brooklyn Cooperative FCU 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 Brooklyn Cooperative FCU participates in SBA Express depends on its specific SBA lending authority. Contact Brooklyn Cooperative FCU 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. Brooklyn Cooperative FCU 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. Brooklyn Cooperative FCU's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Brooklyn Cooperative FCU 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 Brooklyn Cooperative FCU 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 Brooklyn Cooperative FCU 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 Brooklyn Cooperative FCU 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. Brooklyn Cooperative FCU weighs this case by case under its own policy, so be upfront about your history and ask Brooklyn Cooperative FCU how it evaluates prior bankruptcies.