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Alliant Credit Union Small Business Loans

As one of the largest credit unions in the country, Alliant brings services to members of more than 150 organizations across the United States, taking a members-first philosophy.

Alliant Credit Union has more than 85 years of experience in the financial industry. Founded in 1935 by a small group of employees of United Airlines, it now manages more than $14 billion in assets, servicing more than 600,000 members.

Sarah Klein Alliant Credit Union has more than 85 years of experience in the financial industry. Founded in 1935 by a small group of employees of United Airlines, it now manages more than $14 billion in assets, servicing more than 600,000 members.
Sarah Klein
August 4, 2022

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Whether you’re an entrepreneur who is interested in launching your first venture or you’re an existing business owner and you want to expand your operations, if you’re in need of financing, a business loan from Alliant Credit Union might be the right option for you. 

A member-owned financial cooperative, Alliant Credit Union is headquartered in Chicago, Illinois. They provide benefits that are exclusive to employees, retirees, and members of qualifying organizations and members of their families. Benefits are also provided to members of Foster Care to Success, as well as those who reside in or work in qualifying communities and their family members. 

Alliant Credit Union was founded in 1935 by a small group of employees of United Airlines. It was originally founded as United Airlines Employees’ Credit Union UAECU); however, the name was changed to Alliant Credit Union in 2003. For 68 years, the financial institution functioned as a single-sponsor credit union, but it then diversified membership options, and by the end of 2003, they offered services to 27 sponsor organizations, as well as individuals who reside and work in 19 communities that are situated around the O’Hare International Airport. 

Fast forward to today and Alliant Credit Union has extended membership to more than 150 organizations, and the institution continues to offer their services to communities that surround the O’Hare International Airport. In 2008, Alliant acquired the Oakland, California-based Kaiperm Federal Credit Union, and in 2011, the financial institution merged with Continental Federal Credit Union, which included the Tempe, Arizona-based credit union’s US Airways Credit Union.

Today, Alliant Credit Union manages more than $14 billion in assets and services more than 600,000 members across the United States. It is the 8th largest credit union in the country, and it is the largest credit union in the State of Illinois. 

Alliant Credit Union has more than 85 years of experience in the financial industry. They take a members-first philosophy, which has proven to serve both the organization, and more importantly, their clients, very well. Alliant offers a robust member contact center, which can be accessed 24 hours a day, 7 days a week. Members can access the credit union’s full suite of services, including checking and savings accounts, online banking, personal loans, credit cards. Of course, qualified businesses are also eligible for the credit union’s commercial real estate loans. 

“In addition to offering a sizable lending capacity, Alliant Credit Union also offers competitive rates and terms”

What does Alliant Credit Union Offer? 

Commercial Real Estate Loans for a Broad Range of Property Types

Alliant Credit Union expanded the financial products they offer to include commercial real estate loans. They provide financing for businesses and organizations across a broad range of industries, examples of which include office buildings, multi-family apartment buildings, and the commercial development of office buildings, medical facilities, industrial firms, storage companies, manufactured housing communities, parking facilities, and retail establishments. 

Significant Lending Capacity and Low Interest Rates

Alliant Credit Union offers a substantial lending capacity. Individual loan amounts vary and depend on a variety of factors, including a member’s credit history, the type of building the loan will be funding, and the applicant’s assets. With that said, however, on average, individual loan amounts range from $7 million to $35 million. In addition to offering a sizable lending capacity, Alliant Credit Union also offers competitive rates and terms. To date, they have funded a total of $9.1 billion loans (albeit, this total is a combination of the commercial and the personal loans the institution funds). 

A Customized Approach

The commercial real estate loans that Alliant Credit Union offers are constructed to meet the needs of commercial real estate owners across a variety of industries and offer the flexibility to minimize or even to completely remove recourse. In addition to offering permanent commercial real estate loans on stabilized assets for up to 15 years, Alliant can work with transitional properties’ one-of-a-kind circumstances. 

Alliant Credit Union has the ability to lend money based on alternative types of assets, as well as ownership structures, such as Delaware Statutory Trusts. They also commit to upfront interest rates and spreads. 

A Robust Portfolio

Alliant Credit Union’s commercial real estate loan transactions vary; however, they tend to range between $7 million and $35 million. Best of all, they don’t need to syndicate or work with co-lenders to provide these funds. Beyond escrows and reserves that are lined with the commercial real estate loans they fund, Alliant does not seek depository relationships. Moreover, the financial institution often structures initial interest-only periods for all loans that qualify for funding and the step-down of prepayment structures are standard. 

Loan Flexibility 

Alliant Federal Credit Union may only offer one type of business loan – commercial real estate – they do offer a variety of loan amounts. Additionally, the repayment terms are flexible, as are interest rates; in fact, Alliant prides itself on offering better-than-bank rates on their commercial real estate loans. This type of flexibility has made Alliant a top choice among entrepreneurs who are interested in securing financing for commercial properties. 

Online Banking

Alliant is a digital credit union. This means that they only conduct business online; they do not have branches and you cannot do face-to-face banking. With that said, however, if for any reason, you need to speak with someone, you can contact Alliant directly by sending a secure message via online banking or by calling them at 800.328.1935. You can access your account online, right through their website, or you can download the credit union’s app and access your account via your mobile device. Whether accessed on their website or via the app, with Alliant’s online banking, you can handle all aspects of your account, including keeping track of your commercial real estate loan, as well as managing and making payments. Additionally, Alliant Credit Union has more than 80,000 surcharge-free ATMs across the United States. You can easily locate these ATMs using the credit union’s ATM locator tool. Whichever ATM you use, you can withdraw cash, make deposits, and conduct basic management of your accounts. 

Customer Services and Experience

With more than 85 years of experience and a proven track record of success, Alliant Credit Union has established themselves as one of the preeminent member-owned financial institutions. The fact that they serve more than 600,000 members and that they manage more than $14 billion in assets, combined with their “member-first” philosophy are proof positive that they are committed to meeting the needs of the individuals who bank with the credit union. Additionally, Alliant offers outstanding online, mobile, and phone banking services, which means that if you have any questions, concerns, or comments, you can access a knowledgeable and courteous customer service representative 24 hours a day, 7 days a week. 

“If you reside outside of the United States but meet eligibility, you can apply for membership with Alliant Credit Union”

Who Should Apply for an Alliant Credit Union Commercial Real Estate Loan? 

Only active Alliant Credit Union members can apply for a commercial real estate loan. In order to acquire membership, you must meet certain eligibility criteria. If you meet one of the following eligibility requirements, you can apply for membership, and thus, a commercial real estate loan, with Alliant Credit Union: 

If you meet one of the aforementioned eligibility requirements, you can apply for a membership with Alliant Credit Union; however, in order to do so, you will need to have either a Social Security number (SSN), a valid government-issued ID, or a valid Individual Taxpayer Identification Number (ITIN). If you reside outside of the United States, you can apply for membership with Alliant Credit Union if you meet one of the above-mentioned eligibility requirements and if you have a valid SSN or an unexpired ITIN. 

You can apply for a membership with Alliant right through their website.

How Do You Qualify for a Commercial Real Estate Loan with Alliant Credit Union? 

Alliant’s business loans include both term loans and revolving lines of credit. The process of applying for a commercial real estate loan with Alliant Credit Union is similar to the process with any other financial institution. First, you will need to have a valid membership with Alliant. Once your membership has been approved, you can apply for a commercial real estate loan. It’s important to note that Alliant sources their business loans through mortgage brokers. 

When you apply for a commercial real estate loan with Alliant, the credit union’s loan division will collect information about your financial history and your business, as well as other pertinent details. They will also conduct an extensive assessment of your operating statements, the financial statements of any property tenants, and the personal finances of the guarantors. Key pieces of information that you will be asked to provide include the following: 

When you apply for a commercial real estate loan with Alliant Federal Credit Union, you will receive more in-depth details regarding the information that you will be required to provide. After submitting an application and the required documentation, the loan division will assess your information and will determine whether or not you qualify for a loan. If you do qualify for a loan, an Alliant associate will contact you to provide you with further details pertaining to the financing; the type of loan, the terms and conditions, the interest rates, etc. 

Alliant Credit Union Business Loan Application Process

Whether you are an established business owner and you are seeking financing to expand your operations or you are an entrepreneur and you need financing to get a new business venture off the ground, if you are interested in applying for a commercial real estate loan with Alliant Credit Union, the first thing you will need to do is become a member. To reiterate, in order to qualify for membership, you will need to meet one of the eligibility requirements that have been outlined above. Once your membership has been approved, you will then be able to proceed with applying for a commercial real estate loan. In order to do so, you will need to adhere to the credit union’s loan process, which is similar to the process that other credit unions and financial institutions use. 

You will need to know how much money you would like to secure through the loan. To do that, it’s important to take the time to calculate the projected expenses that are related to your reason(s) for seeking financing; in other words, what it is that you want to do with the money. An associate from the Alliant loan division will inquire about this information when you are applying for financing. 

You will be asked to provide the information that is requested to secure a loan; your financial history, projections, bank statements, etc. You will also need to provide your personal and contact information, as well as a valid Social Security number (SSN) or an Individual Taxpayer Identification Number (ITIN). 

How Do You Apply for an Alliant Credit Union Business Loan? 

Applying for a business loan with Alliant Credit Union entails completing and submitting a formal application and providing the information that the credit union requests (financial records, credit history, financial projects, etc.). Once you have submitted your application and the required information, the loan division will assess your details to determine whether or not you qualify. 

The following are the steps that applying for a business loan with Alliant Credit Union entails: 

Step 1 – Become a Member

Before you can apply for a business loan with Alliant Credit Union, the first thing you will need to do is apply for membership with the credit union. Make sure that you meet the eligibility requirements before applying. If you do meet the requirements, you can proceed with applying to become a member via the credit union’s website. After submitting your application, you will need to wait for approval. Once your information has been assessed, you will be notified about the status of your membership. When you have been approved for membership, you can proceed with applying for a business loan

Step 2 – Complete a Business Loan Application

When your membership with the credit union is approved, complete a commercial real estate loan application. You can apply for a loan online, via the credit union’s website or mobile app, or over the phone. You can find a list of contact information, including the names and phone numbers, of commercial real estate lending experts on the Alliant website. Make sure to fill out your application in-full and that all information is accurate. Additionally, be sure to provide all of the information that is requested, and that this information is accurate. 

Step 3 – Await Approval

After you have submitted your application for a commercial real estate loan, the loan division of Alliant Credit Union will review your application. It can take several days or even a week or more for the loan division to complete the process of reviewing your application and all requested information to determine if you qualify for financing through the credit union and the mortgage brokers that they partner with. During the interim period, you can check the status of your loan application via the online banking dashboard.

Step 4 – Sign Your Loan Agreement

If your loan is approved, a member of the Alliant Credit Union loan division will send you a copy of the loan agreement terms and conditions. Make sure that you review the loan agreement and that you are satisfied with the terms and conditions. If you approve, you can proceed with signing the agreement and can submit it to Alliant. Upon signing the loan agreement, your commercial real estate loan will be ready for processing. 

Step 5 – Receive Funds

Once your loan agreement has been received and is processed, you will be able to receive the funds that the loan will be issuing. The amount of time it will take to receive these funds varies and depends on the option you selected to receive those funds; for example, if you opted for automatic direct deposit, it can take about 24 hours after receiving approval to receive the funds. 

Step 6 – Setup Automatic Payments

Once you have received the funds from your approved commercial real estate loan, setting up automatic repayments is highly recommended. Auto repayments will make it much easier to manage your payments and to ensure that payments are made in a timely manner. With auto repayments, you won’t have to worry about missing payment due dates, incurring late fee penalties, or taking a hit to your credit score. 

Key Documents and Details for Your Alliant Credit Union Commercial Real Estate Loan 

When you apply for a commercial real estate loan with Alliant Credit Union, you will need to provide the required supporting documentation to determine if you are eligible for financing. If you fail to submit the necessary documentation, an associate from the Alliant loan division will contact you to request the missing information; however, it’s important to note that this will delay the application process, so it’s important to make sure that you submit all necessary documentation with your initial application. 

When you apply for a commercial real estate loan with Alliant Credit Union, you will need to submit the following documents with your application: 

What are the Benefits of A Commercial Real Estate Loan with Alliant Credit Union? 

Full Member Benefits

In order to apply for a commercial real estate loan with Alliant, you will need to become a member of the credit union. Upon approval, not only will you be able to apply for a business loan, but you will also be able to take advantage of all other benefits of membership; you can open an checking and/or savings account, apply for credit cards, apply for personal loans, utilize their online banking, access 24/7 customer service, etc. 

Varying Loan Amounts

Alliant Credit Union offers varying amounts for their commercial real estate loans. Amounts vary and depend on several factors; however, commercial real estate loan amounts can range from about $5 million to upwards of $50 million. 

Varied Asset Types 

Alliant Credit Union offers commercial real estate loans for various types of commercial properties. Examples include multi-family, industrial, office, retail, self-storage, manufactured housing communities, hospitality, parking garage facilities, etc. 

What are the Cons of a Business Loan with Alliant Credit Union? 

Stringent Membership Requirements 

As mentioned, in order to apply for a business loan with Alliant Credit Union, you will need to become a member. Unfortunately, the criteria to qualify for a membership with the credit union are stringent. If you do not meet any of the criteria, you will not be able to apply for membership, and thus, you will not be able to apply for a business loan. 

No Prequalification Option 

When you prequalify for a loan, the lender does not need to run a hard credit check on your credit history. Hard credit checks can cause a drop in your credit score. Unfortunately, Alliant does not offer prequalification, which means they will need to run a hard credit check, and your credit score may take a hit.


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