Alliant is a non-profit credit union founded in 1935 and headquartered in Chicago, Illinois. The lending institution offers small business loans as well as other funding options for its customers. According to its corporate profile, the credit union has approximately 300,000 members throughout the United States. Small business owners are able to acquire up to $20 million in financing, depending on loan type. Customer reviews online are evenly mixed both positively and negatively regarding the company’s customer service experience and loan products.

Rank Chart
Lowest APR
Revenue Requirement
Review

#1

1.5%
$50k

#2

5.9%
$75k

#3

5.99%
$100k

#64
Alliant

Undisclosed
Undisclosed

The Good

  • SBA loans
  • No prepayment penalties
  • Additional finance products

Small Business Loans

Alliant offers to SBA loan products for small business owners. SBA 504 Loans feature a ten percent down payment on equipment or commercial real estate and favorable terms. SBA 7A Loans can be used for a wide variety of business purposes with up to $5 million in financing. Commercial Real Estate Loans feature no depository account requirements.

Pros of Alliant Small Business Loans

  • $2–$20 Million in Financing
  • Up to 90 Percent Loan to Value Ratio
  • No Prepayment Penalties
  • Additional Finance Products
  • SBA Loan Maturity between 10–20 Years
  • Start-Ups Eligible for SBA Loans

Additional Finance Products

Alliant offers several other finance products that may be of interest to small business owners. Alliant offers banking services, personal loans, and investment products, to name a few. Members of the credit union are able to receive lower loan rates and higher interest payments. Alliant also offers updated financial tips on its website.

The Bad

  • Undisclosed fees
  • Poor customer service
  • Time to funding

Undisclosed Fees

Certain fees for small business loans from Alliant are not publicly disclosed on its website. Alliant does not give any specific information regarding potential origination fees interest rates, or closing costs. This makes it difficult for a borrower to determine whether or not they are getting the best possible deal. Since interest rates typically depend on credit history, small business owners will need to have excellent credit rates to avoid high rates.

Poor Customer Service Feedback

There are several online complaints from customers regarding poor service issues from company representatives. These complaints allege representatives were rude during phone calls and were hard to reach when customers tried to contact the company.

Time to Funding

It takes approximately 60–90 days for small business owners to receive acquired funding in their business bank accounts after a loan has been approved. This is a much longer timeframe than similar online small business loan competitors, which are able to transfer funds typically within one to seven days or less.

The Bottom Line

Alliant Credit Union is best suited for small business owners with excellent credit who are unable to qualify for traditional bank financing. Borrowers are able to apply for up to $20 million in financing with no prepayment penalties. However, the company’s customer service needs improvement and Alliant is not transparent regarding its fees. We do not recommend working with Alliant Credit Union at this time.

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