Lower East Side People’s Federal Credit Union

This is a community-focused credit union that offers SBA-backed loans and small business financing services designed to support local entrepreneurs and small businesses.

Appointments are recommended, but walk-ins are accepted based on availability. It's best to call ahead to ensure personalized service.

Lower East Side People's Federal Credit Union is open Monday through Friday from 9:00 AM to 4:00 PM. Confirm these hours with the credit union before visiting.

Fees are competitive and transparent, with minimal charges for processing or service fees. Specific fees depend on the loan type and amount.

Membership is open to residents and members of the community who meet eligibility requirements. Non-residents may need to meet specific criteria to join.

A minimum personal credit score of 650 or higher is generally preferred for loan approval.

The underwriting process typically takes between 1 to 3 weeks, depending on the complexity of the application and completeness of documentation.

Lower East Side People's Federal Credit Union is closed on weekends. They operate Monday through Friday only.

Lower East Side People’s Federal Credit Union is located at the address listed on this page — 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 Lower East Side People’s Federal Credit Union, an SBA-participating credit union. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Lower East Side People’s Federal Credit Union itself, which runs its own lending under its own ownership. If you work at Lower East Side People’s Federal Credit Union, you can claim this listing from this page to manage it.

The core details for Lower East Side People’s Federal 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 Lower East Side People’s Federal Credit Union before applying. If you represent Lower East Side People’s Federal Credit Union, claim this listing to keep its information up to date.

You can contact Lower East Side People's Federal Credit Union by email at lespfcu@lespfcu.org, by phone at (212) 529-8197, or call their 24-hour line at (800) 854-3855. Confirm SBA loan availability when contacting.

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