Recently, Atomic Cowboy took advantage of an opportunity with Choices Credit Union to spruce up the already popular restaurant with new floors, a new patio and a new iPad system for ordering and efficiency. Most banks simply aren’t capable of making loans like this to small businesses. The size of the loan makes it too hard to make a profit.
Choices Credit Union, on the other hand, has institutional goals that focus on more than just the bottom line and have made affordable lending a priority. Thanks to a grant from the St. Cronan Housing Corporation, the non-profit financial institution is able to offer loans considered too risky for traditional banks (and even other credit unions). It’s no secret that restaurants and retail stores are considered high risk industries, creating yet another obstacle to these vital industries.
The Grove has seen continued growth for the past decade earning a reputation for walkability and diversity. The continued attention on this neighborhood, including the appearance of Urban Chestnut, has created a buzz that keeps pushing the local economy upward. Businesses in the Grove now have the additional advantage of a financial institution dedication to affordable lending and with an unparalleled flexibility. Residents, employees and business owners in the Grove and Forest Park Southeast are eligible for membership at Choices Credit Union.
The micro-enterprise loans available at Choices generally go up to $50,000 and can go as low as the hundreds. As anyone who has run a small business knows, every little bit helps. Business owners interested in signing up for a micro-enterprise loan can contact Phil Minden at (314) 952-0805 for an initial consultation. Minden suggests that start-up businesses focus on building equity before borrowing money because like all lending institutions, Choices will need to see evidence that the loan can be repaid. Businesses struggling to pay bills should focus on increasing profits before borrowing money.
Generally, these loans are ideal for business in Forest Park Southeast that:
- Have an established record of making money for a few years
- Can demonstrate expertise in their industry
- Are in need of capital for renovations, furnishings, equipment or other expenses
- Already have financial records in order
- Would benefit from a loan under $50,000 to make their business even stronger
Ready to take your business to the next level? Contact Choices Credit Union today.