| Does Collins Community Credit Union make business loans?
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Yes, we are one of only a few credit unions in the state to make business loans.
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| What types of business loans does Collins make?
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We make all types. From short-term single pay notes to long-term commercial real estate projects. Generally, the term of the loan matches the use of funds or the collateral pledged. Short-term loans are used where the business has an account to collect, or an asset to liquidate. Longer-term loans are used to finance permanent working capital, business equipment, trucks or other fixed assets.
Following is a list of types of business loans we have done and will do going forward:
- All types of commercial real estate from office buildings, apartments, or other owner-occupied commercial real estate.
- Construction financing.
- Revolving lines of credit to established businessees.
- SBA and SBA 504 loans.
- Letters of credit to domestic and overseas vendors.
We have participated in the State of Iowa's Targeted Small Business Loan Programs, when funds are available.
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| How do I apply for a business loan?
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First give us a call and we'll briefly discuss your project. Click on this link to print a personal financial statement (adobe) and a business loan application (adobe) to complete. Be thinking of the following:
- How much do I need?
- What am I going to use it for? Provide specific details.
- What collateral can I pledge? All business loans must be secured.
- How can I pay it back?
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| What information should I provide?
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| How much collateral will I need to pledge?
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Be prepared to pledge up to 150% or more of marketable collateral for the amount of the loan, depending on the perceived risk. Collateral can be such things as the business assets now owned or to be purchased with the loan proceeds, autos or real estate the owners now own, or other financial assets.
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| What is the most important thing in getting a business loan?
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You need to convince us of the wisdom of the project, the financial strength of your business and your ability as business owner to make the business successful. The last item is the most important.
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| What other resources are there to help business people?
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There are many resources on the web or you can contact the following:
Kirkwood Business Center
2901 10th Ave
Marion, IA 52302
(319)377-8256
Steve Sprauge, Director
Women's Business Center of Iowa
APAC Building
Cedar Rapids, IA 52403
(319)298-2407
Service Corporation of Retired Executives
2750 First Ave NE Suite 350
Cedar Rapids, IA 52401-1806
(319)362-7861 Ext. 2005
Entrepreneurial Development Center, Inc
230 Second Street SE, Suite 212
Cedar Rapids, IA 52401
(319) 369-4955
Web Resources:
www.sba.gov- Information from the Small Business Administration.
www.sos.state.ia.us- Check out the business center at the Secretary of State's office.
www.state.ia.us/ided- The Iowa Department of Economic Development has lots of start up information. This site has tons of links. The economics department post tons of economic trends and statistics.
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| Why should I consider Collins Community Credit Union for my business needs?
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We offer a full line of business loan and deposit services. We have years of business experience and are large enough to handle your needs. Local decisions, quick decisions and decisions that make sense for your business will make Collins the right place for your business. Plus we don't charge you an arm and a leg.
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