First Basin Credit Union

This is a local SBA lender offering small business loans, including 7(a) loans, to support business growth and expansion in the Odessa area. You can find personalized assistance and access to capital tailored to your business needs.

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

First Basin Credit Union's Odessa location (Parks Legado HQ) maintains lobby hours from 8:30 AM to 5:30 PM Monday through Friday, with drive-thru services from 8:00 AM to 6:00 PM. Confirm current hours directly with the lender.

There are no fees for simply consulting or applying; however, loan origination and closing costs may apply depending on the loan terms.

This lender primarily serves small business owners in the Odessa region, focusing on local entrepreneurs and members of the credit union.

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

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

First Basin Credit Union's Odessa location is open on Saturdays from 9:00 AM to 1:00 PM at select branches (Parks Legado HQ and West County Road) for both lobby and drive-thru services. Verify weekend hours at your branch directly.

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

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

First Basin Credit Union can be reached at (432) 333-5600 or through their online contact form at https://www.firstbasin.com/contact — confirm SBA lending inquiries directly with the lender.

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