(Woodbury, MN – May 6, 2024) – Ideal Credit Union is proud to recognize National Small Business Month, celebrated annually in May, National Small Business month highlights small businesses, their courage, community efforts, and hard work for an entire month.

To better serve members and the community, Ideal Credit Union is proud to partner with the United States Small Business Administration (SBA) to offer loans to small businesses in the community, empowering them to reach their goals and contribute to the economic vitality of our communities. Created in 1953, the SBA helps small business owners and entrepreneurs purse the American dream. Established in 1926, Ideal Credit Union helps those same business owners and entrepreneurs Live their Ideal Life.

“Ideal Credit Union has been instrumental in helping my business grow. As a member since 2014, I’ve appreciated how Ideal Credit Union understands the needs of small business owners. Recently, I was able to expand my weight loss and chiropractic services business, My Health Solution, to a new location in Stillwater. Ideal Credit Union’s small business loan services were personalized and practical for my business. Now I’m offering more health services to my community. I couldn’t have done it without Ideal Credit Union.” Erik – My Health Solution, Stillwater, Minnesota.

What is an SBA Loan?

The SBA was founded as an independent federal government agency to help businesses get started, compete and thrive by reducing barriers for small business owners to access capital. As an approved SBA lender in Minnesota, Ideal Credit Union works together with the U.S. Small Business Administration to help businesses find the right government-sponsored loan that they can take advantage of to start, grow and manage their business.

An SBA guaranteed loan is a commercial loan that’s backed by the SBA and structured according to SBA requirements. Although the SBA offers several helpful loan programs and resources, they don’t directly finance business loans. Their role is to create guidelines for loans that an approved SBA lender, like Ideal Credit Union, underwrites.

An SBA guarantee helps make financing for small businesses more accessible. SBA loans offer reduced down payments, flexible terms and competitive rates. Entrepreneurs who are looking to startup a business or grow an established business can both benefit from a small business loan guaranteed by the SBA.

Ideal Credit Union is a Certified SBA Lender

Ideal Credit Union became a Certified SBA Lender in order to enhance lending options for members and the community. The SBA 7(a) loan program is designed to help small businesses get access to funds for a variety of business purposes such as working capital, debt refinancing and purchases. Because SBA loans are backed by the Small Business Administration , they facilitate more access to capital and offer advantages compared to traditional business loans.

SBA Loan 7(a) Program

The SBA loan 7a is typically used to fund the purchase of new equipment, inventory and supplies, upgrading or constructing a new building, covering operating expenses, seasonal financing, and refinancing debt. This type of SBA financing can also be used to:

• Increase Working Capital: Receive funding to pay for business expenses, bills and inventory
• Buy Equipment or Real Estate: Purchase equipment, machinery, materials, supplies or real estate

SBA loans from Ideal Credit Union are tailored to meet the unique needs of business owners.

A SBA-backed loan through Ideal Credit Union offers:

• No balloon payments
• Down payments as low as 10%
• Maximum loan amounts of $5 million

“Ideal Credit Union is proud to contribute to the success of local businesses by offering our SBA lending program and guiding members through the loan process,” said Brian Sherrick, President of Ideal Credit Union. “We’re seeing the positive impact these loans are already having for our members and their businesses.”

About Ideal Credit Union

Founded in 1926, Ideal Credit Union is a member owned financial institution that is dedicated to providing financial services driven by a sincere and personal interest in the needs of our employees, members and community. Ideal CU offers a complete range of services, including a full suite of digital banking products, savings, checking, loans, mortgage products, business services, investment services, SBA Loans and more. Offices are located in Eagan, Hugo, Inver Grove Heights, North St. Paul, Stillwater and Woodbury. Visit idealcu.com for details and directions.

Ideal was voted “2023 Best in State Credit Union” by Forbes, 2023 Minneapolis/St. Paul Business Journal “Best Places to Work”, and “Best Credit Union” five years and counting by readers of the Stillwater Gazette. Ideal Credit Union offers a robust online presence and also has offices in Eagan, Hugo, Inver Grove Heights, North St. Paul, Stillwater, and Woodbury. Visit idealcu.com for details and directions.

For more information on SBA lending through Ideal Credit Union visit Ideal CU's SBA Loans or call Ideal’s Small Business Relationship Specialist Josh Anderson at 651-773-2763.