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Welcome to the new McCoy Federal Credit Union website! We hope you enjoy the new look and the new Business Services content.
MEMBER NOTICE: McCoy Card Controls app users will need to update to the R37 version or newer before Aug. 5. On this date, cardholders with older versions will lose functionality. Updates can be made via the Apple App Store or Google Play Store if automatic updates are not enabled. For full details, click here.

SBA Loans

We partner with the U.S. Small Business Administration to offer the funding needed for entrepreneurs to start and grow small businesses in our area.

 

SBA Loan

We are proud to be an approved lender by the U.S. Small Business Administration which allows us to support small businesses with SBA 7(a), SBA 504, and SBA Express loans. In fact, McCoy earned the distinction of Top Lender, Community Credit Union for SBA’s North Florida District in 2021 and 2022.

Learn more about these SBA loan types below or contact one of our business specialists to help you get the most you can qualify for to grow your business.

Apply for SBA Loan
up to $500,000

Apply for SBA Loan
above $500,000

Compare McCoy Federal SBA Loans
 
SBA 7(a) Loans

The 7(a)-loan program is SBA's primary program for providing financial assistance to small businesses. The terms and conditions, like the guaranty percentage and loan amount, may vary by the type of loan. If you can meet the qualifications, government-guaranteed SBA loans are often the gold standard for small business financing because they typically have low down payments, long repayment terms, and reasonable interest rates.

Possible uses: working capital, machinery and equipment, furniture and fixtures, acquiring, refinancing, or improving real estate and buildings, and debt refinancing.

Loan Limit
Minimum
$500,000
$Maximum
5 Million
Rate Type
Variable or Fixed
Maximum SBA Guarantee %
85% up to $150,000
75% greater than $150,000
SBA 504 Loans

The 504-loan program provides long-term, fixed-rate financing for major fixed assets that promote business growth and job creation. To be eligible for a 504 loan, your business must: Operate as a for-profit company in the United States or its possessions, have a tangible net worth of less than $15 million, and have an average net income of less than $5 million after federal income taxes for the two years preceding your application.

Possible uses: purchases of existing buildings or land, new facilities, long-term machinery and equipment, improvement or modernization of lands, streets, utilities, parking lots and landscaping, and existing facilities.

Loan Limit
$5.5 Million
Rate Type
Variable or Fixed
Maximum SBA Guarantee %
90%
SBA Express

An SBA Express loan is a partially government-guaranteed loan that provides small businesses with low interest, long term financing, and faster credit decisions than other SBA loans. These Express loans also have a lower maximum loan amount and higher maximum interest rates than your typical 7(a) loan. Additionally, collateral is required for loans over $25,000.

Possible uses: purchasing real estate, financing equipment, refinancing debt and otherwise covering operating costs.

Loan Limit
$500,000
Rate Type
Variable or Fixed
Maximum SBA Guarantee %
50%

SBA FAQ

SBA reduces risk and helps small businesses easier access to capital.

  • Competitive Terms: SBA-guaranteed loans generally have rates and fees that are comparable to non-guaranteed loans.
  • Counseling & Education: Some loans come with continued support to help you start and run your business.
  • Unique Benefits: Lower down payments, flexible overhead requirements, and no collateral needed for some loans.
  • 7(a) Loans: SBA’s primary business loan program that guarantees portions of the total amount, caps interest rates, and limits fees.
  • 504 Loans: This program offers long-term, fixed-rate financing to grow your business. Use it to purchase or repair real estate, equipment, machinery, or other assets.
  • Express: SBA Express loans are business loans that are partially guaranteed by the SBA with expedited credit decisions. Use the money for a number of things: working capital, real estate, equipment, debt refinancing, and more.

Eligibility is based on what a business does to receive its income, the character of its ownership, and where the business operates. Normally, businesses must meet SBA size standards, be able to repay, and have a sound business purpose. Even those with bad credit may qualify for startup funding.

General requirements include, but are not limited to:

  • Being a for-profit business: that is officially registered and operating legally.
  • Doing business in the United States: The business is physically located and operates in the United States or its territories.
  • Be creditworthy: The business's credit must be sound enough to assure loan repayment.
  • Exhausting financing options: The requested loan is unavailable on reasonable terms from nongovernment sources.
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Vision Statement
Provide financial services beyond your expectations.

Mission Statement
Provide a wide range of affordable financial products with exceptional member service.