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.

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].

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 1.00% 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 0.50% APY2 Online access with unlimited bill pay
Estate Checking N/A $0 N/A N/A $4.50 $10,000 0.50% 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 SBA 504 Loans! We can provide financing with a competitive rate to small business for commercial real estate, equipment, and more.

Get an SBA 504 Loan with rates as low as 3.72% APR1.

  • Fixed rate for 10 years
  • 20-year amortization
  • Good for purchase or refinance
  • Down payments as low as 10%

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].

1Advertised as low as rate effective as of September 24, 2019 and is subject to change and only applies to the portion of the SBA 504 loan with the credit union. Your actual interest rate may differ based on your credit worthiness, qualifications, and business relationship with SCU. All loans and lines of credit subject to credit approval and require automatic payment from an SCU business checking account. Please contact a commercial lender for more information on SBA 504 loans.

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