Small Business Loans FAQs
At Suncoast, serving members is our number one priority. One of the ways we do that is by providing answers to your most commonly asked questions in hopes of making your credit union experience as easy and convenient as possible.
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- Real Estate
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- Microloans FAQs
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Frequently Asked Questions about Suncoast's Microloans
How long do I have to be in business for a microloan?
We prefer one year in business but will consider equivalent experience.
Does my business need to be operational and make a profit?
The business has to show a positive cash flow* in order to be considered for the product. Other considerations may also apply.
*Cash Flow is the amount of cash (currency) that is generated or consumed in a given time period.
What is the loan range for the microloan product?
The microloan products range from $500 to $25,000.
What are the loan types for the microloan product?
The funds have to be used for one of the following: vehicle, equipment, line of credit, working capital, and inventory.
Do I have to have a certificate to get the microloan product?
The microloan product requires some form of technical assistance or equivalency if the business is less than two years old. Resource partners are available through Suncoast Credit Union.
What is the minimal credit score required for a microloan?
While we require a 600 minimum credit score please keep in mind that there may be other factors listed on your credit report that may be taken into consideration.
What resources are available if I need assistance with the microloan checklist?
Most of our business members will benefit from the service that we offer through our web of community partners and our Business Innovation and Solutions Center.