Business

To take advantage of Scott Credit Union’s services for businesses, all you need to do is open a share savings account with a $5 deposit. You’ll enjoy lower fees, better loan rates, and our exceptional service.

SBA's Economic Injury Disaster Loan (EIDL)

Information you’ll need to collect for your application for the SBA’s Economic Injury Disaster Loan program

  • The SBA’s Economic Injury Disaster Loan program provides low-interest loans of up to $2 million to small businesses and private non-profits affected by the coronavirus pandemic.
  • These working capital loans can be used to meet needs including payroll, accounts payable, and fixed debt payments until the situation improves. They have repayment options of up to 30 years.
  • These loan are ONLY available through the SBA and not through any Financial Institution. The website is: https://disasterloan.sba.gov/ela/ but please note, it is often not accessible during peak times
  • We recommend you apply online, but preparing these documents ahead of time will streamline the process for you. Here are the documents you’ll need to provide to complete the application:

There’s confusion over question 16 on the form 5 application. When it asks if you own 50% or more of another business – the question is asking if the business owns another business. Don’t answer yes for the individual person’s ownership in applying business.

There is no loan amount field for the applicant to complete on the loan application (Form 5). The SBA underwriter will analyze the financial information submitted and calculate an amount for which the applicant may qualify.

All items marked with a red asterisk in the application form must be completed.

    • IRS Form 4506T – Tax Information Authorization for the applicant, principals and affiliates

An application will not be held up if the form 4506T (consent form to obtain IRS tax transcripts) is not initially submitted but loan proceeds will not be disbursed without a properly completed 4506T. The form should grant authority to obtain copies of the last three years tax returns. Make sure to show the proper name of the business – if the business files income tax form 1120 in their business name but completes the 4506T form authorizing a form 1120 in their personal name – the IRS will return the transcript as no record found which will delay loan closing.

    • Complete copies of the most recent Federal Income Tax Return.

SBA is waiving the requirement for applicants to submit tax returns with their application for these EIDL. The underwriter however may ask for the tax returns during their review. It is suggested that you submit the most recent filed return for each owner and business entity to avoid the possibility of having to provide it later.

    • SBA Form 2202 – Schedule of Liabilities (this is for the business only. if the owner has multiple /affiliated entities, they will need to complete one for each)
    • SBA Form 413 – Personal Financial Statement (this is for all 20% or more owners of the business and should include their assets and personal liabilities, not those of the business; those should be included on Form 2202)
    • SBA Form 1368 – Monthly sales figures. Please also include a current year to date profit and loss statement

Other info to know:

  • Online applications are strongly recommended even though applications can be mailed. Online submissions will get an application number assigned along with confirmation of application submission and they’ll be able to sign into the system to get real time status updates on the application.
  • The system may be faster in off peak times.
  • Try a different browser as Edge may work better than Chrome.
  • Hit the save button often so data is captured in case the system kicks them out.
  • If a business is unsure if they qualify for a disaster loan, they are encouraged to submit an application so an underwriter can review their specific situation.
  • The SBA has not disclosed a minimum credit score to qualify for economic injury disaster loans.
  • There is no cost to apply for a EIDL.
  • There is no prepayment penalty for EIDL.
  • Anticipated time for SBA to process an application is 3 weeks then it will take an additional week before funds are available to the borrower after the loan documents are signed.
  • Short term conventional loans that lenders make to help a small business through this interim period are eligible to be refinanced with SBA disaster loan proceeds (if their application is approved).
  • SBA is waiving the requirement for applicants to submit tax returns with their application for these EIDL. The underwriter however may ask for the tax returns during their review.
  • If the amount of the initial disaster loan is not sufficient to support the business until the disaster abates, the business is able to apply for an increase to their disaster loan.
  • All EIDL will automatically include a loan payment deferral for the first payment on the EIDL will not be due for 12 months.
  • SBA has suspended the rule requiring real estate to be pledged as collateral for these EIDL. SBA will take a security interest in business assets. Subject to change, but as of now, this is the direction they are taking.
  • Agricultural businesses are not eligible for EIDL. Farm service has a disaster loan program for ag businesses.
  • Owners of apartment buildings are eligible for EIDL for loss of rent income.
  • EIDL are subjective to a credit elsewhere test since the program involves federal tax dollars. The credit elsewhere test is different for disaster loans than standard SBA loans. The underwriter reviews the information submitted and if they determine that the business/owners do have the financial capacity to survive the projected cash flow shortfall, the loan must be denied.
  • Our SBA resource partners are available to provide free mentoring and counseling to small businesses to help them through this challenging time. Please encourage them to contact their local Small Business Development Center (at SIUE), SCORE, Women’s Business Center or Veterans Business Resource Center. These partners are a fantastic resource and are staffed with intelligent and caring professionals.
  • The St Louis District Office is planning to host webinars on the EIDL and I’ll let you know when those are scheduled if you and/or your clients are interested in participating.

We’re with you in these uncertain times. Please reach out to us with questions at 618-381-7315 or [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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