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On December 28, 2020 the new COVID Relief bill was signed into law, which includes funding for another round of Paycheck Protection Program (PPP). Full details have not yet been communicated by the Small Business Administration (SBA).

Summit Credit Union will participate in the program to help and demonstrate continued support for our member businesses. We are developing an online application to make it easy to apply. This will include a step-by-step process, allow you to upload all necessary documentation, and electronically submit the completed PPP application. When completed, we'll make the link available on this page of our website.

We will provide updates as information becomes available from SBA.

Your guide to Small Business Administration Loans.

A great financial partner helps make it easier for you to build the business of your dreams. Our SBA loans allow you to expand and still keep that crucial working capital in your pocket. So you can take the next step as smoothly as possible.

Number one Small Business Administration lender in Wisconsin among credit unions

     

504 SBA Loans

Designed to help you meet long-term needs:

  • Land and buildings
  • Equipment
  • Business expansion projects

Summit 504 SBA loans offer:

  • 10-, 20- and 25-year payment options
  • Competitive rates, including fixed rate financing
  • Low down payment options
  • Online loan access and payment options

 


7(A) SBA Loan

Use these small business loans to meet a variety of long-term needs including:

  • Commercial real estate projects
  • Business expansion
  • Leasehold improvements (like new construction or a remodel)
  • Inventory and equipment
  • Working capital
  • Debt refinancing
  • Business acquisitions

Summit 7(A) SBA loans offer:

  • 7- to 25-year payment periods
  • The ability to fund up to 90% of project costs
  • Low down payment options
  • Online loan access and payment options

 


Express SBA Loan and Lines of Credit

Need a loan now? This program could be the right choice for you: You’ll typically hear back within 3 business days from submitting your completed application — and the application requires less documentation.

Express SBA loans are a good fit for:

  • Working capital
  • Equipment purchases
  • Inventory
  • Lines of credit

Summit Express SBA Loans:

  • Available for up to $350,000
  • Fixed or variable interest rate
  • Low down payment options
  • Online loan access and payment options

 


Business Loans for Veterans

Are you the veteran or the spouse of a veteran and want to start or expand a business? We’d like to help make your dream a reality.

The Veteran loan program offers:

  • Minimal closing costs
  • Streamlined approval process
  • Lower down payment options
  • Reduced or waived SBA guaranty fees

Summit Veteran SBA Loans and lines of credit:

  • Available for up to $350,000
  • Online loan access and payment options

 



Which loan is right for you?

The short answer? “It depends.”
Contact one of our SBA lending experts today to find the loan that's right for you. Summit is pleased to provide SBA loans and excited to help make your business a success! We have extensive experience with SBA loans and know just how to help you navigate the ins-and-outs of the program.

Connect with a Business Development Officer

Want to learn more about SBA loans? View SBA Website .

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