Sparks - Loans to Entrepeneurs and Start-Ups

Sparks - logo

Start-ups provide valued contributions to the employment, growth, and services of our community; however, they often face barriers when seeking loans through traditional routes.

At Lakeland Credit Union, we know every business has to start somewhere. That’s why we created Sparks--a loan program for start-ups, entrepreneurs, and non-traditional businesses that don’t fit the model for conventional financing.

How does it work?

Borrow up to $50,000 unsecured as a term loan or authorized overdraft.  Interest rate ranges between prime plus 5% and prime plus 6% but will vary based on loan terms, amount borrowed, and applicant qualifications.

Who could qualify?

Applicant(s) must:

  • Have a viable business plan with cash flow projections
  • Show strength of character
  • Have an acceptable credit score
  • Be prepared to transfer the majority of their personal and business dealings to Lakeland Credit Union.

Do you have a business idea that could benefit from Sparks? Contact us today!

Cold Lake: 780-594-4011
Bonnyville: 780-826-3377
Email admin@lakelandcreditunion.com


Here’s to the doers, creators, risk-takers, problem-solvers, go-getters!


 

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