Freedom CU

This is a community-focused bank offering SBA loan programs, business banking services, and financial guidance to small businesses. You can access various funding options, including SBA 7(a) loans, and receive personalized support to help your business grow.

It is recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-ins are also welcome during business hours. Calling ahead can help streamline your visit.

The branch is typically open from 9:00 AM to 5:00 PM, Monday through Friday. Hours may vary on holidays or special occasions, so it's best to contact the branch directly for confirmation.

There are no fees for simply visiting or opening a business account. Fees may apply for certain services or loan processing, which will be disclosed upfront.

This bank primarily serves residents and small business owners within the Springfield area and surrounding regions, though some services may be available to non-residents with qualifying criteria.

A minimum personal credit score of 640 is generally recommended, but approval depends on overall financial health and business performance.

The underwriting process typically takes between 2 to 4 weeks, depending on the completeness of your application and the complexity of your loan request.

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

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

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

You can reach Freedom CU by phone at (413) 739-6961 or online at freedom.coop — 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 Freedom CU before relying on them.

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