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Baxter Credit Union Small Business Loans

If you are building, growing, or expanding your business in Illinois or Wisconsin, Baxter Credit Union could be a great option to become a member. They offer four unique types of commercial loans that cover the most common business needs.

Initially established to serve Baxter Healthcare employees, Baxter Credit Union has been active for over 40 years; it currently counts around 250,000 members in the United States and Puerto Rico and manages assets of almost $4 billion.

Liara Cohen Initially established to serve Baxter Healthcare employees, Baxter Credit Union has been active for over 40 years; it currently counts around 250,000 members in the United States and Puerto Rico and manages assets of almost $4 billion.
Liara Cohen
August 11, 2022

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Business loans play a crucial role in making your vision for the future come to life, whether you own an established small to medium sized business or you are setting out to launch a brand new venture. Financing can help business owners expand, acquire new equipment, purchase or develop real estate, or acquire commercial vehicles. For businesses that deal with seasonal low points, revolving lines of credit additionally assure ongoing financial health. Baxter Credit Union offers a broad range of business loan products, and may be the partner you are looking for as you seek financing for your venture.

Baxter Credit Union was initially established to serve Baxter Healthcare employees, and has been active for over 40 years at this point. Although Baxter Healthcare is a small credit union — nationwide, it is 56th in terms of size — Baxter Credit Union is a fast-growing credit union that currently counts around 250,000 members in the United States and Puerto Rico. As of the present, Baxter Credit Union manages assets of almost $4 billion.

Baxter Credit Union was listed on the Forbes2020 list of Best In-State Banks and Credit Unions, an honor based on customer trust and satisfaction, extensive banking services, and comprehensive financial advice options. That means that Baxter Credit Union earned their existing members' seal of approval, and future members are likely to be equally satisfied with the credit union's commitment to excellent service and a diverse range of financial products.

In addition to a wide range of personal banking services that include checking and savings accounts as well as mortgages and student loans, Baxter Credit Union, based in Illinois, offers a range of financial solutions for businesses. 

Baxter Credit Union partners with select businesses through programs designed to raise the value of your organization and give your employees access to favorable banking options. The credit union offers standard and premium business checking accounts, the latter of which have especially advantageous interest rates (an APY of 0.25%), and commercial loan solutions to suit almost any venture's financial needs as they launch, grow, or make it through challenging periods.

Like other credit unions, Baxter exclusively provides financial services and banking products to its members. Entrepreneurs who are interested in exploring the possibility of obtaining a business loan through Baxter Credit Union should first join the credit union, if they are not already a member. Membership with Baxter Credit Union is open to those who:

Individuals who are already members of Baxter Credit Union may be eligible for commercial loan products through the credit union even if they have relocated outside of the area served by Baxter Credit Union, in the case of sole proprietors. 

In the cases of businesses that are located outside of the areas served by Baxter Credit Union, commercial banking and loan options may still be an option if 51% of the owners or partners in the venture are eligible for membership with Baxter.

“Baxter Credit Union offers a full suite of business banking solutions with a great degree of flexibility.”

What Does Baxter Credit Union Offer?

A Broad Range of Commercial Loan Options

Ventures and entrepreneurs who are eligible to join Baxter Credit Union may, subject to meeting other required conditions, be able to acquire financing through this Illinois-based credit union. Baxter Credit Union is, as a small credit union, in a great position to work with you to ascertain how they can best serve you as you build, grow, or expand your business. To this end, Baxter Credit Union offers four unique types of commercial loans that cover the most common needs businesses will have, in addition to offering business credit cards. 

The types of commercial loans Baxter Credit Union offers are:

Day to Day Business Banking Solutions

Baxter Credit Union offers a full suite of business banking solutions to its members, with a great degree of flexibility. Standard business checking accounts have low minimum balance requirements and modest fees, making them a good option for new ventures that are just launching. Premium business checking accounts with Baxter Credit Union, meanwhile, give access to unique benefits that include a 0.25% APY. Baxter Credit Union also has a Business Money Market program that allows ventures to accumulate funds by earning interest, while still making withdrawals possible. Because every business needs a reliable credit card, business credit cards with low rates and no annual fees are another integral part of Baxter Credit Union financial suite for businesses. Do you need merchant processing? This, too, is a service Baxter Credit Union offers to its business members.

A Commitment to Customer Service

Baxter Credit Union makes itself available to its members 24 hours a day, and seven days a week — and that doesn't only mean logging into a secure and up to date online banking portal. The credit union has a toll free number that can be reached at any point during the day, or the night for that matter, in case of emergencies. 

Do you prefer a face to face conversation with an employee? Baxter Credit Union has 41 convenient locations in 37 different cities where you will be able to withdraw funds or get financial advice.

Convenient Online Banking Solutions

Every bank and credit union offers online banking options now, but not all of these services are equally convenient. With the fact that members increasingly rely on their desktop computers and cellphones to stay up to date on their banking situation, Baxter Credit Union invested in an overhauled and extremely modern online banking portal, which includes a very user-friendly mobile app. 

Competitive Commercial Loan Rates

Not all credit unions offer commercial loans, as some remain focused on serving the employees of certain corporations or companies and their immediate families. When you, as an entrepreneur, partner with a credit union that does offer business loans, such as Baxter Credit Union, you gain access to the full spectrum of benefits that the credit union model of banking has to offer. That includes extremely competitive small business loan rates and in many cases flexible terms. The conditions you will have access to depend on the type of commercial loan you are applying for and your assets, as well as your business credit score and collateral. However, should you be approved for a commercial loan with Baxter Credit Union, you will ultimately save money, which you can invest back into your business.

Experience You Can Trust

With over 40 years of experience in the field, Baxter Credit Union has stood out as a robust and reliable credit union that you can trust. This is, indeed, why Baxter Credit Union is today one of the fastest-growing credit unions in the United States, with new branches having opened recently. 

Commitment to ESG Values

As an entrepreneur, you will likely want to show your clients or customers that you value environmental, social, and governance values that are so important in the modern corporate world. Choosing to partner with a credit union such as Baxter Credit Union for your banking and financing needs demonstrates what values you hold dear as a business, too. Baxter Credit Union is actively involved in charitable giving and operates scholarship programs. It is also committed to advancing equity by nurturing future leaders from diverse backgrounds.

Who Can Apply for a Commercial Loan Baxter Credit Union?

Baxter Credit Union offers a variety of commercial loans to cover all your business needs, and it does so at extremely competitive rates. Entrepreneurs who are exploring the possibility of partnering with Baxter Credit Union for their financing solutions will first need to establish that they are eligible to join the credit union, if they are not current members. 

To apply to become a member of Baxter Credit Union, a status that is lifelong once you are accepted, you will have to meet one of the following criteria:

Those entrepreneurs who were already members of Baxter Credit Union before launching a business, and who currently live and work outside of the area covered by the credit union, do remain eligible to apply for its commercial loan programs. Credit unions have restrictions on the individuals who may apply to join, but once you are a member, you will be able to access the benefits Baxter Credit Union offers regardless of where you live and work. 

To access commercial loan applications, you must become a member and have a business account with Baxter Credit Union. Once this prerequisite is in place, a business or entrepreneur would go through a similar process to apply for a commercial loan that they would expect from any other financial institution. This means that entrepreneurs will need to supply detailed financial statements and tax returns going back three years, as well as submitting personal financial statements and tax returns pertaining to the principals and guarantors. 

The application process is surprisingly simple — at Baxter Credit Union, one single form can be used to apply for any type of commercial loan. Once you initiate the application, a Baxter Credit Union employee will contact you in order to find the best loan package for your needs, guiding you through the process and offering assistance if you have any questions. Any business will have to meet Baxter Credit Union's prerequisite conditions to be considered for a business loan, and depending on the type of loan you are interested in pursuing, your venture will need to have been operational for at least two or three years. The decision-making process will be thorough, but you can expect a loan decision within approximately four weeks.

“Baxter Credit Union offers cover precisely the basic needs that the majority of ventures typically finds themselves relying on.”

What Types of Business Loans Does Baxter Credit Union Offer?

Baxter Credit Union is committed to supporting the future financial success of its business members by offering a total of four different commercial loan products. These loan products are designed to cater to established small, medium sized, and larger businesses, as ventures have to have been operational for two to three years before Baxter Credit Union will consider lending to them. 

While four loan types may seem limited, and Baxter Credit Union cannot meet the needs of every business, the loan products this Illinois credit union offers cover precisely the basic needs that the majority of ventures typically finds themselves relying on.

Commercial Real Estate Loans

Baxter Credit Union offers commercial real estate loans to their business members that are designed to help ventures purchase their own commercial properties. The commercial real estate loans that Baxter Credit Union offers can additionally be used to renovate or develop a commercial property a company already owns. The advantage of working with Baxter Credit Union in this arena lies in three to five year fixed interest rates, with longer amortization options also being an option. The rates you can expect from a commercial real estate loan with Baxter Credit Union are favorable.

Business Term Loans

Business term loans are often the lifeblood that helps a company grow and take their success to the next level. Baxter Credit Union offers these loans, which will add to your working capital and allow you to make the purchases that propel your venture to new heights, at very competitive rates. The terms Baxter Credit Union offers are generally up to 60 months, which depends on the collateral.

Lines of Credit

Baxter Credit Union offers flexible lines of credit, borrowing limits that businesses can access at any time — or, as Baxter Credit Union describes it, "capital and cash, when you need it". These lines of credit are vital to any company in dealing with occasional cash flow challenges, such as when needing to purchase inventory or keep your business afloat while you wait for customers or clients to pay you. They are also vital for businesses that deal with cyclical low points. The advantage of these revolving lines of credit lies in the fact that, once approved, a business will be able to access the funds whenever they need to, only borrowing as much as they require to cover their short term needs.

Commercial Vehicle Loans

Baxter Credit Union additionally offers commercial vehicle loans, which not all credit unions that cater to business members do. With a commercial auto loan from Baxter Credit Union, you will be able to purchase a new commercial vehicle at an extremely competitive rate. The terms that Baxter offers will require you to repay the loan within 72 months, and if a new vehicle is essential to growing your business, partnering with a small credit union is often the very best way to access funding.

How Do You Qualify for a Baxter Credit Union Business Loan?

Businesses who have already joined Baxter Credit Union and who would like to apply for any of the four commercial loan products that the credit union makes available to eligible members only have to complete the simple application form to initiate the loan application process. 

Those who are not members will, upon completing the form, be invited to apply to join Baxter Credit Union if they are eligible. Entrepreneurs who are existing members of Baxter Credit Union but who currently only have a personal account with Baxter will be asked to open a business account before being considered for a loan. 

Members with an existing business account can rest assured that their loan application process will be reviewed within two business days. Baxter Credit Union will first assess whether a business meets the basic criteria, as companies have to be established for two or three years, depending on the type of loan they seek, to be considered. Should you meet these basic criteria, Baxter Credit Union will require insights into the same types of documents as any other credit union. 

These include:

To be able to assess whether a business qualifies for a commercial loan with Baxter Credit Union, the credit union will review the following documents:

In addition, like any other credit union, Baxter Credit Union will review your financial health by examining the following elements:

It is important to mention that some credit unions may offer startup capital for ventures that are just about to launch, based on a detailed business plan. Baxter Credit Union is not one of these credit unions; commercial loan products are designed to meet the needs of established businesses. Entrepreneurs starting small businesses may, however, be able to access personal loan products to contribute to startup capital.


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