Lake Michigan CU

This is a commercial bank that offers SBA loan programs and business banking services designed to help small businesses grow and succeed. You can find assistance with financing, banking solutions, and expert guidance tailored to your business needs.

It's recommended to schedule an appointment to ensure dedicated time with a banking specialist, but walk-ins are also welcome during business hours depending on availability.

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

There are no fees for simply visiting or consulting; however, certain banking services and loan processing may involve fees or interest charges.

This bank primarily serves small business owners and entrepreneurs in the region, with services available to both residents and non-residents who meet qualification criteria.

Typically, a minimum personal credit score of 640 is preferred, but the exact requirement may vary based on the loan type and borrower profile.

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

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

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

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

You can reach Lake Michigan CU by phone at (800) 242-9790 or online at lmcu.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 Lake Michigan CU before relying on them.

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