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Best Small Business Loans in Lansing, MI

Nov. 6, 2019, 11:11 a.m.

Entrepreneurs and business owners know that money doesn’t grow on trees. Even the best small business owners need capital to upgrade facilities, open new locations and build their company. Finding a business loan isn’t always easy, however, and working with a bad lender creates an extra burden on your business. Our partners at ConsumerAffairs researched the best business loans in Lansing to start or grow your company.

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#1
RECOMMENDED
Seek Business Capital

Startup Consulting • Business Services

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#1 MOST POPULAR
Seek Business Capital
Seek Business Capital
Features
  • Available in Lansing
  • More than 92% funding approval rate
  • Same-day funding approvals
  • Application available online
Read More
#2
Imperial Advance
Imperial Advance
Features
  • Available in Lansing
  • Financial consulting available
  • Flexible loan programs
  • Get funds in 24 hours
Read More
VISIT WEBSITE
CALL IMPERIAL ADVANCE
(888) 633-2083
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#3
National Business Capital
National Business Capital
Features
  • Available in Lansing
  • More than $1 bilion in funding secured
  • Multiple financing options available
  • Expert financial advisors
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#4
Michigan State University Federal Credit Union
Michigan State University Federal Credit Union
Features
  • Start up, visa, vehicle, term & line of credit loans
  • Secured term loans up to $5 million
  • Extra resources to businesses to register, network & develop business
  • Startup loans up to $15,000
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Location
104 S. Washington Sq.
Lansing, MI 48933
(517) 333-2424
#5
Adventure Credit Union
Adventure Credit Union
Features
  • Real estate, equipment, vehicle & line of credit loans
  • Flexible rates & terms
  • Low closing costs for Real Estate loans
  • Interest-only minimum payments for business line of credit
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Location
2250 Lake Lansing Rd., Ste. A
Lansing, MI 48912
(800) 323-2129
Dearborn Federal Credit Union
Dearborn Federal Credit Union
Features
  • M-Th: 9am - 5pm
  • F: 9am - 6pm
  • Sat: 9am - 1:30pm
  • Closed Sun
  • dfcufinancial.com
Location
1700 Lake Lansing Rd.
Lansing, MI 48912
(888) 336-2700
Astera Credit Union
Astera Credit Union
Features
  • M-T: 9am - 5pm
  • W: 10am - 5pm
  • Th: 9am - 5pm
  • F: 9am - 5:30pm
  • Sat: 9am - 1pm
  • Closed Sun
  • asteracu.com
Location
5615 W. Sagniaw Hwy.
Lansing, MI 48917
(517) 323-3644
GreenStone Farm Credit Services
GreenStone Farm Credit Services
Features
  • M-F: 8am - 4:30pm
  • Closed Sat and Sun
  • greenstonefcs.com
Location
3515 West Rd.
East Lansing, MI 48823
(517) 318-4100
Dart Bank
Dart Bank
Features
  • M-F: 8:30am - 5:30pm
  • Sat: 9am - 1pm
  • Closed Sun
  • dartbank.com
Location
1020 Charlevoix Dr.
Grand Ledge, MI 48837
(517) 622-3278
Case Credit Union
Case Credit Union
Features
  • M-F: 9am - 6pm
  • Sat: 9am - 1:30pm
  • Closed Sun
  • casecu.org
Location
7527 Delta Commerce Dr.
Lansing, MI 48917
(517) 393-7710

How to get a business loan in Lansing

Lansing skyline

A business loan provides funding to start or expand a business. These loans are used for everything from unexpected short-term expenses to long-term equipment purchases. The type of loan you need will depend on your business and the purpose of the funds. Some of the most common types of loans in Lansing are:

  • Term loans are traditional loans that provide a company with upfront cash that is paid back over a predetermined period along with interest.
  • Business lines of credit work like credit cards and allow a company to withdraw funds up to a set limit. The company only accrues interest on the funds that are used.
  • Equipment loans are used to finance new equipment a company needs to start or expand. The purchased equipment serves as collateral for the loan.
  • Merchant cash advances provide upfront cash that is repaid by taking a percentage of the company’s credit or debit card sales instead of a set payment.
  • Invoice financing is a short-term loan that provides upfront cash quickly. The loan is secured by unpaid invoices owed to the business.
  • Microloans are small, short-term loans often targeted to small businesses in specific industries or geographical areas.
  • SBA loans are backed by the U.S. Small Business Administration. These loans have low-interest rates but require a lengthy and rigorous application process.
  • Choosing a lender in Lansing

    Different types of lenders are available for businesses in Lansing, and the one you choose will be based on your company’s needs. Traditional lenders, such as banks, may have a long application process and require a higher credit score, while nontraditional online lenders may base their decision on your business plan and a viability assessment.

    While starting a business or getting a business loan with poor credit is not impossible in Lansing, you may have more difficulty qualifying or pay higher interest rates. The Michigan Small Business Development Center has an office in Lansing and can help craft business plans and provide information on what resources are available for your company. Many lenders will also have business consultants to help you.

    Business loan payments and fees in Lansing

    Most business loans in Lansing require regular payments, which are usually monthly but could also be weekly, bimonthly or another set period. Failure to make payments adds penalty fees to your balance and could end with the lender seizing property used for collateral.

    Lenders may add other charges to your loan, including origination and processing fees. These are generally taken out of the loan amount you receive, so be sure the total amount of your loan is enough to cover these costs while still leaving enough for the loan’s intended purpose. When comparing loan offers, be sure to ask about all fees that may apply.

Seek Business Capital

Seek Business Capital

Seek Business Capital is an internet-based consultant that helps small businesses nationwide procure funding. The company identifies an appropriate lender based on your needs and business history, and 92 percent of qualified applicants are approved. Customers in Lansing appreciate the professionalism and courtesy that they received throughout the entire loan process.

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Imperial Advance

Imperial Advance

CALL IMPERIAL ADVANCE

(888) 633-2083 VISIT IMPERIAL ADVANCE

Imperial Advance offers fast capital for small businesses through online services. The company provides next-day funding and competitive loan options from brokered services or in-house financing. Lansing business owners rave about the speed and simplicity of the loan process, but some were disappointed that the loan policies prevent consolidation or buyouts.

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National Business Capital

National Business Capital

National Business Capital works with more than 75 lenders to give you the most competitive rates on your loan. The company boasts that it has provided over $1 billion in funding globally, and its website provides useful resources for business owners. Lansing customers love the speed of funding but stated that interest rates were generally high.

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Michigan State University Federal Credit Union

Michigan State University Federal Credit Union

Michigan State University Federal Credit Union strives to be a one-stop financial institution for businesses and consumers. The credit union offers a variety of business loan options and provides business resources and consulting. Reviews from Lansing customers rate MSUFCU highly for its competitive rates and excellent customer service.

Adventure Credit Union

Adventure Credit Union

Adventure Credit Union has been serving Michigan communities for more than 80 years. The credit union provides a variety of business loans and services, including business lines of credit and equipment financing. Lansing business owners love the range of available loan options and say the credit union has competitive rates.

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