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Alternatives is committed to small businesses. We want your business to succeed, and we strive to work collaboratively with you on your lending goals.

Read below for general information and guidelines for applying for a business loan through Alternatives. To see the different kinds of business loans that we offer, click here.

Alternatives Federal Credit Union is a not-for-profit CDFI credit union which serves Tompkins, Schuyler, Chemung, Tioga, Cortland, Cayuga, Steuben, and Seneca. CDFIs are certified by the U.S. Treasury to help low/moderate income and marginalized communities build wealth.

As a CDFI credit union, we can help folks who have been denied loans from mainstream banks and credit unions.

Our loan officers are trained financial counselors so we can review credit reports and suggest ways to improve scores.

Have questions?

Email [email protected]

Ready to apply?

Email [email protected]

What you will need to apply for a Business Loan at Alternatives:

  • Loan application
  • Personal financial statement
  • Business plan (including all necessary financial statements)
  • For existing businesses:
    • two years of financial statements
    • two years of tax returns
    • a year to date profit and loss statement

Support for idea development and compiling these important documents are available through our Business Development Program.

What we look for in a business loan applicant:

  • Steady income sufficient to repay the loan and other obligations.
  • Sufficient collateral that is readily identifiable
  • Owner equity in the business. 

Often, a business cannot provide the level of information we request. In that case, we will review the loan with the information presented. If the information provided is not sufficient to grant the loan, we reserve the right to require additional information. The loan may be considered for approval on the basis of the owner(s) personal credit.  

To provide a complete application, please enclose the following items:

  1. Based on your business's type, you will be required to provide certain documents.
    Click here to learn more about which documents Alternatives requires from each type of business entity

  2. Two years financial statements and tax returns, as well as current (to within three months) financial statement (including income statements, balance sheets, and supporting schedules).

  3. A Personal Financial Statement from each principal of the business.

  4. A description of any collateral offered or purchase receipts or price quotes for new equipment.

  5. Pro-forma projections month by month basis for two years.

  6. Business plan detailing the structure of the business (sole proprietorship, partnership, corporation, and ownership), a description of the product or service offered, the marketing strategy, an evaluation of the competition, a listing of trade references, and the names of the business principals.

  7. Personal guarantee(s) of the owner(s) of the business are required for each business loan. The requirement may be waived, for non-profit businesses only, at the discretion of the Credit Union. A personal guarantee demonstrates the signer's commitment to seeing the business succeed and means that the principals are personally responsible for the loan payments. This guarantee is requested by other financial institutions as well and is a legal requirement for credit unions.

Have questions?

Email [email protected]

Ready to apply?

Email [email protected]

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