ELGA Credit Union

This is a financial institution offering SBA loans, microloans, and other small business financing options. You can find personalized support and guidance for your business funding needs.

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

ELGA Credit Union's hours vary by location—the main Contact Center is open Monday-Friday 8:00am-6:00pm (Wednesday 9:30am-6:00pm) and Saturday 10:00am-1:00pm, while most other branches operate Monday-Friday 9:30am-5:30pm with Saturday service 10:00am-1:00pm. Confirm your specific branch's hours directly with ELGA.

There may be fees associated with certain loans, such as origination or service fees, but these are clearly disclosed during the application process.

This institution primarily serves its members and local small business owners, but eligibility requirements apply based on membership and business criteria.

Typically, a minimum credit score of around 650 is preferred, but approval depends on overall financial health and business viability.

The underwriting process generally takes between 2 to 4 weeks, depending on the completeness of your application and supporting documents.

Most ELGA Credit Union locations are open Saturday 10:00am-1:00pm, though Sunday hours are not available. Confirm your specific branch's weekend availability with ELGA.

ELGA Credit Union's main Contact Center is located at 6065 Grand Pointe Blvd, Grand Blanc, MI 48439. For specific directions, parking, and accessibility details, contact ELGA directly.

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

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

You can reach ELGA Credit Union by phone at (810) 715-3542 or online at elgacu.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 ELGA Credit Union before relying on them.

Based on its approved SBA loans, ELGA Credit Union most often finances businesses in general retail. This reflects ELGA 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 ELGA 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 ELGA Credit Union participates in SBA Express depends on its specific SBA lending authority. Contact ELGA 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. ELGA 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. ELGA Credit Union's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask ELGA 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 ELGA 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 ELGA 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 ELGA 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. ELGA Credit Union weighs this case by case under its own policy, so be upfront about your history and ask ELGA Credit Union how it evaluates prior bankruptcies.