Business

The success of your business is important to us and that’s why we’ve created valuable banking solutions that are good for your business. We’re With You! Simply contact us today to begin taking advantage of checking accounts, credit cards and loans to help meet your company’s growing needs.

SBA's Paycheck Protection Program (PPP)


As a Preferred SBA Lender, SCU is with you in these challenging times. We will be offering the SBA Paycheck Protection Program (PPP) Loan for small businesses.

READY TO APPLY?

View the steps you need to complete an application

Paycheck Protection Program (PPP) Borrower Fact Sheet

Am I ELIGIBLE?

  • You are eligible if you are:
  • A small business with fewer than 500 employees
  • A small business that otherwise meets the SBA’s size standard
  • A 501(c)(3) with fewer than 500 employees
  • An individual who operates as a sole proprietor
  • An individual who operates as an independent contractor
  • An individual who is self-employed who regularly carries on any trade or business
  • A Tribal business concern that meets the SBA size standard
  • A 501(c)(19) Veterans Organization that meets the SBA size standard

In addition, some special rules may make you eligible:

  • If you are in the accommodation and food services sector (NAICS 72), the 500-employee rule is applied on a per physical location basis
  • If you are operating as a franchise or receive financial assistance from an approved Small Business Investment Company the normal affiliation rules do not apply

REMEMBER: The 500-employee threshold includes all employees: full-time, part-time, and any other status.

How do I QUALIFY?

In evaluating eligibility, lenders are directed to consider whether the borrower was in operation before February 15, 2020 and had employees for whom they paid salaries and payroll taxes or paid independent contractors.

Lenders will also ask you for a good faith certification that:

  1. The uncertainty of current economic conditions makes the loan request necessary to support ongoing operations
  2. The borrower will use the loan proceeds to retain workers and maintain payroll or make mortgage, lease, and utility payments
  3. Borrower does not have an application pending for a loan duplicative of the purpose and amounts applied for here
  4. From Feb. 15, 2020 to Dec. 31, 2020, the borrower has not received a loan duplicative of the purpose and amounts applied for here (Note: There is an opportunity to fold emergency loans made between Jan. 31, 2020 and the date this loan program becomes available into a new loan)

If you are an independent contractor, sole proprietor, or self-employed individual, lenders will also be looking for certain documents (final requirements will be announced by the government) such as payroll tax filings, Forms 1099-MISC, and income and expenses from the sole proprietorship.

How much can I BORROW?

Loans can be up to 2.5 x the borrower’s average monthly payroll costs, not to exceed $10 million.

For businesses not operational in 2019:
2.5 x Average total monthly payroll costs incurred for January and February 2020

Is this loan FORGIVEN?

A borrower is eligible for loan forgiveness equal to the amount the borrower spent on the following items during the 8-week period beginning on the date of the origination of the loan:

  • Payroll costs (using the same definition of payroll costs used to determine loan eligibility)
  • Interest on the mortgage obligation incurred in the ordinary course of business
  • Rent on a leasing agreement
  • Payments on utilities (electricity, gas, water, transportation, telephone, or internet)
  • For borrowers with tipped employees, additional wages paid to those employees

NOTE: The loan forgiveness cannot exceed the principal.

Forgiveness can be reduced if there is a reduction in the number of employees or a reduction of greater than 25% in wages paid to employees. As of 4/1/20, additional rules surrounding forgiveness requirements are still subject to publication by the SBA. Please check with your lender or the SBA’s website for the most up to date information on forgiveness requirements.

Still have QUESTIONS?

We understand there is conflicting information about all the programs on the internet and in the media for the COVID-19 crisis and that some of the forms can be confusing – our commercial team is standing by to help you. Send your questions to [email protected].

Business Checking

We have checking accounts built for businesses no matter how big or small. Find the business checking account that’s best suited for you at Scott Credit Union. Contact our Commercial Banking department today at 618-381-7315 or by email at [email protected].

Plus, you can now get the exclusive St. Louis Blues debit card with your Business Checking account at Scott Credit Union.

Business Accounts

Business Essentials Checking
Businesses with minimal transaction needs that want a simple, straight-forward account.
Business Growth Checking
Small to medium size businesses that require more options to manage cash flow at a great value.
Business Money Market
Available to businesses that want to grow excess capital at higher dividend rates than those offered with traditional business savings accounts without locking the funds up for months or years at a time.

Business Account Detail Comparison
Account How to Waive Monthly Fee Monthly Fee Monthly Transaction Threshold Fee Per Transaction Over Threshold Returned Deposit Item Balance Threshold to Earn Interest Interest Rates Other Services
Business Essentials Checking E-Statements $5 2501 $0.15 $4.50 N/A N/A Online access with unlimited bill pay
Business Growth Checking $25,000 minimum daily balance $25 5001 $0.15 $4.50 $0.01 0.75% APY2 Online access with unlimited bill pay
Business Money Market $10,000 Minimum Daily Balance $15 Unlimited deposits; 6 withdraws per month $10 per withdraw over 6 per month $4.50 $2,500 Mirrors Consumer Money Market Rates Online access with unlimited bill pay

Special Business Accounts

Community Checking
As part of our continued to support to the communities we serve, this account is a superb value for non-profit and community organizations within our field of membership.
Estate Checking
Designed specifically to manage funds related to an estate. This is an easy-to-use checking account with no transaction thresholds or monthly maintenance fees.

Special Business Account Detail Comparison
Account How to Waive Monthly Fee Monthly Fee Monthly Transaction Threshold Fee Per Transaction Over Threshold Returned Deposit Item Balance Threshold to Earn Interest Interest Rates Other Services
Community Checking N/A $0 N/A N/A $4.50 $10,000 0.25% APY2 Online access with unlimited bill pay
Estate Checking N/A $0 N/A N/A $4.50 $10,000 0.25% APY2 Online access with unlimited bill pay

Get Started and Open a Business Account

Scott Credit Union wants to see you and your business succeed. Contact Commercial Banking today for more information. Call (618) 381-7315 or email [email protected].

 

What Documentation to Have Ready
  • Proof of Federal TAX ID number in the business name
  • ID (Driver’s License of all authorized signers on the account
  • Documents verifying information about the business and who is authorized to act on behalf of the business. These documents will vary depending on the business/organization type, see below.
Sole Proprietorship
  • Illinois Business
    • Assumed Name Certificate issued by the County where the Business is located
  • Missouri Business
    • Fictious Name Filing issued by the Secretary of State of Missouri
Partnership
  • Illinois Business
    • Assumed Name Certificate issued by the County, if applicable
    • Partnership Agreement
  • Missouri Business
    • Fictious Name Filing issued by the Secretary of State of Missouri, if applicable
    • Partnership Agreement
Corporation
  • Articles of Incorporation
  • Corporate Bylaws
    • Additional Items may be required per the Bylaws
Limited Liability Company
  • Articles of Organization
  • Operating Agreement
    • Additional Items may be required per the Operating Agreement
Non-Profit
  • Articles of Incorporation
  • Corporate Bylaws
  • Board Resolution
  • 501(c)3 Paperwork
    • Additional Items may be required per the Operating Agreement
Organization
  • Letter on Organization’s Letterhead requesting Membership
  • Organization Account Resolution (provided by the CU)

1Deposits count as 1 item, regardless of the number of items in a deposit.

2APY=Annual Percentage Yield.

Commercial Loans

Commercial Loans

Hakuna Matata Ribbon Cutting
I was very pleased with my service from Scott Credit Union’s Commercial Lending Department. Everyone was very friendly and walked me through every step that needed to be done to process my business loan. We had a few hiccups along the way but we worked through them together. The process did take longer than we had originally expected, but they were very positive everything would work out, and it did!!! I live over an hour away from the main office and they were even willing to drive to my business location to check out all we had done and it felt so personal to show them what I had worked so hard to achieve – a state licensed day care center in a town that had nothing. I never even had to make a trip to a Credit Union office – we did the closing and everything at my business location. Chris and Natalie were amazing to work with and they are very experienced in SBA loans for businesses. They answered any questions I had right away. If you are thinking about a business or SBA loan, consider Scott Credit Union as an amazing place to go. -April Eichenseer, Hakuna Matata Kid Care Inc.

We offer business loans to help you meet all of your company’s growing needs.

  • Commercial Real Estate Loans
  • Business Vehicle Loans
  • Capital Improvement Loans
  • Business Lines of Credit
  • Equipment Loans
  • Working Capital Lines

Features and Benefits:

  • Competitive Loan Rates
  • Low Fees
  • Local Decisions
  • Quick Response Times

Visa® Business Credit Card

Visa Business Credit Card

Scott Credit Union Visa Business Credit Cards now offer you a way to control expenses and meet the needs of your growing business. Get a business rewards credit card that lets you earn points on everyday purchases with no point limits and no redemption fees.

Our Visa Business Credit Cards offer the following features:

  • Non-variable interest rates from 10.99% APR to 15.99% APR1
  • No Annual Fee
  • Low Balance Transfer Fee
  • Rewards Program – Redeem points for gift cards, cash, and travel2
  • Earn 1 point for every $1.00 in credit card purchases
  • No additional cost for employee cards while earning points with their purchases

Scott Credit Union wants to see you and your business succeed. Contact Commercial Banking today for more information. (618) 381-7315 or email [email protected].

1APR=Annual Percentage Rate. Rates based on certain credit-worthiness criteria.

2Please review account agreement for benefit details and conditions.

SBA Loans

When you have big dreams for your small business, we’re here for you!

Low rate SBA loans can help you down the path to success

At Scott Credit Union, we’re all about helping your business grow to its full potential. Ask us today about financing with as little as 10% down! We can provide financing with a competitive rate to small business for commercial real estate, equipment, and more.

What are SBA loans?

The U.S. Small Business Administration is a federal agency committed to furthering the growth and development of small businesses. One of the ways it does this is by guaranteeing loans to small businesses made through lending partners. The SBA does not make loans directly to small businesses. Rather, it sets the guidelines for loans, which are made by its lending partners. The SBA guarantees a percentage of loans, minimizing the risk to its lending partners and increasing the possibility that small businesses will receive the funds they need.

Types of SBA loans we offer:

  • 504
  • 7(a)
  • Express Lines of Credit

Advantages of SBA loans:

  • Up to 90% financing
  • Terms up to 25 years
  • Fixed and variable rate options
  • No balloon payments
  • Most for-profit small businesses are eligible

There’s an SBA loan for almost any business need.

  • Commercial real estate purchases
  • Business acquisition or expansion
  • Equipment, inventory or working capital
  • Debt refinancing

Scott Credit Union wants to see you and your business succeed. Contact Commercial Banking today for more information. Call (618) 381-7315 or email [email protected].

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