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Listerhill Credit Union is a nonprofit financial cooperative improving lives in our community.

If you live in Alabama, Georgia, Mississippi, Florida, or Tennessee, you are eligible to become a member. Depending on your individual eligibility, we may require membership into an approved association at no cost to you.

You can also qualify for membership by being a family member of a current or potential Listerhill member.

With only $5, you can join Listerhill today and start taking advantage of a lifetime membership.

HOLIDAY

All branches will be self-service only Monday, October 9th, for Columbus Day. Normal business hours will resume Tuesday, October 10th. Smart ATMs and Online and Mobile Banking will remain available.

Signing Loan

The Ultimate Guide to Applying for a Business Loan

Learn more about what steps to take to apply for a business loan.

Does your business need an infusion of cash to help it grow? A business loan can provide you with the resources your business needs and offer an affordable payback plan.

Here’s all you need to know about applying for a business loan:

1. Check your credit

Before you apply, check your personal and business credit health.

Personal credit scores range from 300-850. A score that falls in a range of 580-669 is fair, 670-739 is good, 740-799 is very good and 800-850 is exceptional.

Business credit scores are measured differently. Experian uses Intelliscore Plus as its credit scoring model, with scores ranging from 1 to 100. Equifax assigns each business a payment index score, which ranges from 0 to 100; a credit risk score ranging from 100 to 992 and a business failure score ranging from 1,000 to 1,880. The D&B score, assigned by the Dun & Bradstreet Corporation ranges from 0 to 100. Finally, the FICO Small Business Scoring Service score ranges from 0 to 300.

If your personal and/or business credit scores are low, work on improving your credit before applying for a loan.

2. Update your business plan

Be sure to have a comprehensive business plan to show a prospective lender. The plan should include details about how the company intends to use the funds, the anticipated increase in revenue and plans for repaying the loan.

3. Consider arranging supplemental collateral

Lenders prefer to reduce the risk of a borrower defaulting on a loan by securing collateral for the loan. For business loans, this usually takes the form of the company’s accounts receivable, equipment or other assets.

When applying for a business loan, you can offer additional collateral to the lender, such as personal assets like real estate. This will make you more likely to qualify for the loan and may bring down the interest rate on your loan.

4. Organize your personal and business documents

You’ll need the following documents and identifying paperwork to apply for a business loan:

∙ Photo ID

∙ Accurate monthly financial statements from the past two years

∙ Business license

∙ Any commercial leases

∙ Business insurance plans

∙ Payroll records

∙ Incorporation documents

∙ Current financial obligations

∙ 3 months of bank statements

∙ Personal and business tax returns

∙ Collateral

5. Research potential lenders

It’s best to take some time researching potential lenders before applying for a loan. Learn about each lender’s eligibility criteria and the average interest rates on their loans.

Consider applying for a business loan through a credit union. A credit union will offer you personalized service and a competitive interest rate. Learn more about Listerhill's business lending opportunities here.

6. Submit your application

You’re ready to apply for a loan! With luck, you’ll soon have the funds you need to take your business to the next level.

Want to learn more about the products you need for managing and tracking business expenses? Click here.

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Frequently Asked Questions

  • What is the Listerhill Credit Union service area?

    We offer membership to people who live, work, worship, or attend school in northwest Alabama and south-central Tennessee. Community donations are available to nonprofits based within these areas.

  • What kinds of causes do you tend to support?

    We aim to support a wide range of non-profit organizations that are contributing to community development and enrichment in our focus areas. Your nonprofit may be eligible to receive a donation for things like improving schools, boosting economic development, helping underserved communities with food or clothing, or even providing affordable housing.

  • When should I submit my request for community donations?

    Requests must be submitted at least two weeks in advance of the time when you need the funds or prior to the event you are fundraising for.

    This is because our socially responsible investment strategy requires that we have time to go over each request and make sure we are using the credit union's community donations in the most impactful way.

  • I'm having technical difficulties. Who should I contact?

    Please contact us at listerhill.com/support, using our chat bubble in the bottom right corner or by calling us at 256-383-9204 for assistance.

  • Can I use ClickSWITCH to switch my bill payments?

    Since bill payments are not automatically recurring, you're not able to use ClickSWITCH for them.