Business Loans

  • Overview

    Assisting Our Membership With COVID-19 Uncertainty

    We understand the uncertainty during this unprecedented time. As the impact of this situation continues to evolve, we are committed to remain responsive to your financial needs. We have proactive measures in place for our business lending department to continue to support and serve our members.

    Update 8/12/2020: The Paycheck Protection Program has ended. We are no longer accepting applications to the program.

     

    Business Loans

    Looking to expand your business?

    Do you need to purchase equipment? Interested in purchasing investment property? Do you simply want to obtain access to additional working capital? Whatever the case may be, our great business loan officers can help.

    Spirit of Alaska Federal Credit Union offers competitively priced loans designed to suit your small or large business, specializing in secured loans, automotive loans, business lines of credit, and specialty loans.

    Small Business Administration

    Spirit of Alaska is proud to be a certified Small Business Administration (SBA) lender. Our loan team members will work with you to help determine which products and programs best meet your needs. Contact Member Business Loans directly at (907) 459-5957.

    Business lending you can trust

    • Fast, local approval & servicing.
    • Competitive Financing Rates
    • Unsecured and secured loans.
    • Flexible terms and repayment options.
    • Pre-approval Available.

    New Solar Panel Loans

    Spirit of Alaska is now offering loans for solar panel installations. Take advantage of cheaper technology and government rebates to lower the long-term energy costs of your business.

    Learn More

    "Was really happy with the loan process, the fast turnaround, and everyone was super easy and friendly to work with...I had a loan for my oven within two weeks."

    -Randy Bezdek, owner of Hungry Robot Read More

    Additional Information

    You need a variety of business and commercial services to help you reach your goals. Whether that’s equipment, the purchase of a company vehicle, real estate investments, a working capital loan or a working line of credit, we offer various loans for your business needs.

    Fill out our Business Loan Interest Form to get started. You can also download our application, formatted as an Excel Spreadsheet.

    Please Contact Member Business Loans directly at (907) 459-5957 with any questions about our application or the loan process.

    Spirit of Alaska is the best bank I have found for financing real estate. I have researched most of the national and local banks and spirit was by far the best. From their terms to their service, everything I have experienced has been top notch...I couldn’t be happier with the whole team over at Spirit and I’m really looking forward to working with them again in the future!

    - Stephen Lockwood

    Small Business Administration Military Loans

    The Small Business Administration (SBA) can help military families, especially military spouses, start their own business and build a customer base. One example of these initiatives is the Vetrn Network (https://vetrn.org/)

    As a certified SBA lender, our loan officers can identify a program that will help you get started.

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  • FAQ

    Frequently Asked Questions

    • What items are needed to complete an application?

      Every business loan is unique, however most loans will require:

      • Commercial loan application
      • 4056-T Form
      • Personal Financial Statement
      • Business and Personal Debt Schedules
      • Information on the collateral

      We will also need:

      • Business entity documents – Business license proof of EIN
      • Corporation documents and resolution
      • Most recent three years of tax returns with W-2s (personal and business)
      • Three years of year-end, plus Year-to-date Financial statements, Profit & Loss and Balance Sheet
      • Year-to-date pay stub (if applicable)
      • Two-months of bank statements
      • Other items may be requested

      For an SBA application we will need items listed above plus:

      • SBA Form 1919
      • SBA schedule of collateral
      • Proof of veterans status (if applicable)
      • Manager resume(s) if applicable.
      • Projected financial statements – Profit & Loss and Balance Sheet
      • Business plan
      • List of uses for the requested funds.
      • Other items may be requested
    • After applying, when will I hear back?

      We aim to contact you within one business day about the status of your loan application.

    • What is the fee for paying a loan off early?

      Spirit of Alaska does not charge prepayment penalties*. There will be no penalty fee for paying the loan off ahead of schedule. *SBA and AHFC loans may have a prepayment penalty.

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Letter from our Business Lending Department

A Message from the Spirit of Alaska Federal Credit Union Business Lending Department about the COVID-19 Outbreak

The spread of COVID-19 has touched just about every aspect of our daily lives – from our families and schools to our places of work and our businesses.

We understand the uncertainty during this unprecedented time. As the impact of this situation continues to evolve, we are committed to remain responsive to your financial needs. We have proactive measures in place for our business lending department to continue to support and serve our members.

Payment Concerns:

All payments are due as scheduled. If you anticipate that it will be difficult or impossible for you to make the payment as scheduled, there are options available.

Businesses are facing unique challenges during this time. Please email or call 1-907-459-5965. We will work with our borrowers on a case-by-case basis to assist in any way possible.

SBA Relief – Paycheck Protection Program (PPP)

Update 8/12/2020: The Paycheck Protection Program has ended. We are no longer accepting applications to the program.

More information from the Small Business Administration
Additional Information from the U.S. Chamber of Commerce

SBA EIDL – Economic Injury Disaster Loan
SBA Economic Injury Disaster Loans (EIDL) are available: Both Passive and Active businesses are eligible to apply.

Find Out More and Apply

 

EIDLs provide economic support to small businesses to help overcome the temporary loss of revenue. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.

The interest rate is as low as 3.75% for small businesses with long-term repayments to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

We will continue to update this page as information is released.

If you have questions:

If you have any questions, please don’t hesitate to reach out to our team. Please stay safe and healthy during this unprecedented time. Thank you for being a member of Spirit of Alaska FCU.

Email: businessloans@spiritofak.com

Phone: (907) 459-5965
Call Center: (907) 459-5900