Small Business Micro Loans & Lines of Credit - Genisys® Credit Union

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Small Business Micro Loans

Genisys Credit Union believes that investing in entrepreneurs strengthens our economy and builds a better community. Genisys now provides micro business loans to meet the needs of our small business owners who want to expand on their existing business, purchase equipment, or need extra working capital for other expenses. 

These micro loans are available to small business owners in any state in the United States. For Michigan small business owners, visit our Michigan small business loans page.

Line of Credit

Small business lines of credit allow you to use the exact amount you need, borrowed from an open line of credit, without the more defined terms and requirements of a standard loan. Our Small Business Line of Credit offers amounts up to $15,000.  Available uses include:

Small Business Term Loan

Business term loans are a traditional loan that is issued in one lump sum and then repaid in regular installments during the length of the loan. Maximum loan amount is $49,999. Available uses include:

  • Machinery or equipment purchase
  • Company vehicle purchase
  • Refinances
  • Other business needs

View our current small business micro loan rates.

To apply for a small business micro loan from Genisys Credit Union, please call and request an application at 800-521-8440, ext. 5 or visit one of our branches.

Business Micro Loan FAQs

What is a micro business loan?

Micro loans, when speaking in business terms, are smaller loans (maxing out at $49,999) with shorter terms than many other types of business loans. Typically speaking, micro loans are given to smaller businesses without a lot of employees, or newer startups without a lot of initial capital requirements. Their size allows them to be a bit more flexible for smaller businesses, without offering the same sort of capital as a more traditional business loan.

How do you qualify for a business micro loan?

The qualification for a micro loan can be slightly different than those for a standard business loan, as micro loans tend to be for smaller financial amounts and shorter terms by design. Most for-profit businesses are eligible for business micro loans, although a number of factors can affect this decision, such as the age of your business, your business’ credit score (or your personal credit score, if your business hasn’t been open long enough to establish credit), and whether or not your business is for-profit or non-profit. 

Each business’ financial situation is unique. To best determine if your business qualifies for a micro loan, contact Genisys and one of our financial representatives can help.

What can you use business micro loans for?

Micro loans, thanks to their size (a maximum of $49,999), can be pretty versatile when it comes to financing the needs of your small business. A few more common uses for micro loans include:

  • New equipment, including small machinery

  • Company vehicle purchases/maintenance

  • Additional working capital for daily operations

  • Smaller lines of credit to be drawn from as needed

Larger expenses, such as expansions into new locations, may be better served by larger business loans. The primary advantage of micro loans is their smaller size, which allows them to be more agile than traditional business loans.

How can I get a business micro loan?

If your business is in the state of Michigan, visit our Michigan business loans page for more information. For businesses anywhere else in the United States, please call and request an application at 800-521-8440, ext. 5 or visit one of our branches.

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