Credit Union One

This is a local bank offering SBA loan programs, including the 7(a) loan, to help small businesses access financing for growth and expansion in the Ferndale area.

It is recommended to schedule an appointment, but walk-ins are also welcome during business hours for assistance with SBA loan inquiries.

The bank operates Monday through Friday from 9:00 AM to 5:00 PM, with extended hours by appointment.

There are no fees to visit or inquire; however, SBA loans may have associated fees such as guaranty and closing costs.

This bank primarily serves small business owners and residents in the Ferndale area, but eligibility depends on meeting SBA loan requirements.

A minimum personal credit score of 640 is generally preferred for guarantors.

The underwriting process typically takes between 30 to 45 days, depending on the completeness of the application and documentation.

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

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

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

You can reach Credit Union One by phone at (800) 451-4292, by text at (248) 422-1115, or via live chat on their website at cuone.org. For SBA loans, contact their commercial lending team.

Based on its approved SBA loans, Credit Union One most often finances businesses in construction & contractors, restaurants & food service, automotive repair & services, general retail, medical practices & clinics, and manufacturing. This reflects Credit Union One'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 Credit Union One which sectors it actively lends to before you apply.

Credit Union One offers SBA Express loans up to $5 million for business acquisitions, working capital, equipment, real estate, and debt refinancing. Confirm current terms and availability with their commercial lending team.

Yes, Credit Union One is an SBA Preferred Lender, authorized by the SBA to approve loans in-house without requiring individual SBA approval. Confirm current PLP status with them directly.

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 One's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Credit Union One 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 One 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 One 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 One 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 One weighs this case by case under its own policy, so be upfront about your history and ask Credit Union One how it evaluates prior bankruptcies.