Start Up Investment Loan

Kickstart Your Business Journey.

Fuel Your Business Journey

Embarking on a new business venture? Eastern Credit Union is here to support your entrepreneurial spirit with our Start Up Investment Loan. This unique loan is designed to bolster your initial business steps while simultaneously fostering a habit of savings. Ideal for new business owners and entrepreneurs, this loan provides the necessary funds to get your business off the ground, with an added focus on building your financial future. Let’s turn your business dreams into achievable goals.

Start Up Investment Loan Requirements

  1. Eligibility: Open to members aged 18 and over, permanently employed or on contract.
  2. Contract Employment Clause: Available to contract employees if the loan period is within their contractual employment term.
  3. Share Requirement: A minimum of $500.00 in shares.
  4. Loan Term: Ranges from a minimum of 24 months to a maximum of 48 months.
  5. Tranche Options
    – $5,000.00 – $2,500.00 Cash in Hand; $2,500.00 Shares
    – $10,000.00 – $5,000.00 Cash in Hand; $5,000.00 Shares
    – $15,000.00 – $7,500.00 Cash in Hand; $7,500.00 Shares
    – $20,000.00 – $10,000.00 Cash in Hand; $10,000.00 Shares
    – $25,000.00 – $12,500.00 Cash in Hand; $12,500.00 Shares
    – $30,000.00 – $15,000.00 Cash in Hand; $15,000.00 Shares

Required Documents for Loan Application

  • Proof of Income
    – Current Job Letter.
    – Recent salary slip or evidence of income/expenditure for self-employed individuals.
  • Two forms of ID
    (per applicant)
  • Utility Bill or Bank Statement
    (Members without a utility bill/bank statement in their name are advised to provide a letter from the addressee on the utility bill confirming their address & valid copy of their ID).
  • Additional Documentation: Any other supporting documents as required.
  • Financial Statements
    – Bank statement showing credit and loan balances, credit union statements reflecting shares, deposit, and loan balances).
    – Last 12 to 18 months, particularly for self-employed members.

Ready to Propel Your Business Forward?

Take the first step towards realizing your entrepreneurial ambitions. Apply now for our Start Up Investment Loan and gain both financial support for your venture and a foundation for your savings. Fill out the form below, select your preferred branch, and join the community of successful business owners who started their journey with Eastern Credit Union.

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