Credit Union 1

This is a commercial bank offering SBA loans, including the 7(a) program, to support small business growth. You can find information about loan options, application processes, and industry support tailored to entrepreneurs" needs.

It's recommended to schedule an appointment to ensure dedicated assistance, but walk-ins may be accommodated based on availability. Calling ahead can save you time and ensure you meet with the right specialist.

Credit Union 1's Lombard location is open Monday–Friday 9:00 AM–5:00 PM (Wednesday opens at 10:00 AM). Please confirm specific hours directly with the branch.

There may be application and service fees associated with SBA loans, but these are clearly outlined during the application process. The bank provides transparent fee structures for all loan products.

This lender primarily serves small business owners and entrepreneurs, with eligibility based on creditworthiness and business criteria, not just residency or membership status.

A minimum personal credit score of around 640 is generally required, though higher scores improve approval chances and loan terms.

The underwriting process typically takes between 30 to 60 days, depending on the completeness of your application and the complexity of your financials.

Credit Union 1's Lombard branch is closed on weekends; SBA lending staff are available Monday–Friday only.

Credit Union 1 is located in Illinois — 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 Credit Union 1, an SBA-participating credit union. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Credit Union 1 itself, which runs its own lending under its own ownership. If you work at Credit Union 1, you can claim this listing from this page to manage it.

The core details for Credit Union 1 — 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 Credit Union 1 before applying. If you represent Credit Union 1, claim this listing to keep its information up to date.

You can reach Credit Union 1 by phone at (630) 812-1946 or online at creditunion1.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 Credit Union 1 before relying on them.

Like most SBA lenders, Credit Union 1 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 Credit Union 1 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 Credit Union 1 participates in SBA Express depends on its specific SBA lending authority. Contact Credit Union 1 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. Credit Union 1 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. Credit Union 1's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Credit Union 1 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 Credit Union 1 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 Credit Union 1 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 Credit Union 1 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. Credit Union 1 weighs this case by case under its own policy, so be upfront about your history and ask Credit Union 1 how it evaluates prior bankruptcies.