Get a government-backed SBA loan for your small business
Finance equipment, real estate, inventory, and more with an SBA 7(a) or 504 loan.
Why Choose RCU?
At RCU, we’re passionate about helping our Members improve their lives. If you want a credit union that keeps your unique needs in mind and helps you envision and manage your financial future, the friendly experts at RCU are here for you.
Member Emily from The Tail Haven shares how RCU has helped her business.
A video is being shown
Help your business reach its full potential
With the help of either an SBA 7(a) or 504 Business Loan, you can receive funds for many needs, from manufacturing equipment to commercial real estate. These loans are perfect if your business needs a little more money to grow to meet its demands.
-
RCU commercial loans are only available on CA properties.
Rates
Forms
SBA Business Loan & 504 Business Loan Form
*You may bring all completed forms into any RCU branch or mail it to the following address:
Redwood Credit Union
Attn: Business Services
P.O. Box 6104
Santa Rosa, CA 95406-0104
All SBA 7(a) Business Loan Highlights
-
Variety of uses
An SBA 7(a) loan provides you flexibility. Use the funds for debt refinancing, equipment and real estate purchases, acquisitions, and more.
-
Flexible loan amounts
With loan amounts between $50,000 and $5,000,000, you can find the right financing for your business.
-
Flexible loan terms
Depending on how the loan is used, you can have terms ranging from 7 to 25 years.
-
For-profit businesses only
Your business must be for-profit to qualify.
-
Debt qualifications
Your business must not already be delinquent in other government debt.
-
Demonstrate need
In order to qualify, your business must demonstrate a need for the loan.
-
Must be a small business
Your business must meet the SBA definition of a small business.
All 504 Business Loan Highlights
-
Finance up to 90% of your project’s value
Feel the excitement that comes from knowing that up to 90% of your project can be covered by your business loan.
-
Fixed-asset financing
Purchase major business assets including property and long-term machinery to help your business operate.
-
Specific uses
Qualified fixed assets can be paid for with 504 loan funds. This loan cannot be used for certain expenses such as debt consolidation or refinancing, rental real estate, working capital or inventory expenses, etc.
-
For-profit businesses only
Your business must be for-profit to qualify.
-
Net worth qualifications
The business net worth must be below $15 million to qualify for a 504 business loan.
-
Net income qualifications
For two years before the loan application, your business must have less than $5 million as an average net income (after federal taxes).
SBA Business Loan & 504 Business Loan application
Ready to apply?
Schedule a 30-minute call with one of our Loan Officers to guide you through the application process.
Need help?
Whether you’re exploring your options or have questions before applying, our team is here to provide the information and support you need.
Eligibility
Eligibility
To qualify for membership, the businesses’ primary operation must be in Sonoma, Marin, San Francisco, Lake, Napa, Contra Costa or Solano County.
Required documents
Before getting started, we recommend gathering the necessary documents to complete your application. A list of the requirements can be found on our Business Loan Application Checklist.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
Leaving Our Website
You are leaving our website and linking to an alternative website not operated by us. Redwood Credit Union does not endorse or guarantee the products, information, or recommendations provided by third-party vendors or third-party linked sites.
