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 between $2–$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.
Typical borrowers through Alliant are small business owners that are unable to qualify for traditional loans through banks. To avoid high-interest rates, borrowers should have good to excellent credit histories. Qualified loans applicants have consistent business income and personal or business collateral sufficient enough to be able to pay back the desired loan amount.
Small business loans from Alliant are typically used for a wide range of business purposes including inventory purchases, system upgrades, and marketing.
- Consistent Business Income
- Good to Excellent Credit
- Business or Personal Collateral
Alliant helps small businesses with strong track records obtain the financial assistance they need. Although Alliant requires more of small businesses than other lenders do, they do also have the ability to provide larger loan amounts. Borrowers can expect the following from the Alliant service:
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
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.
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.
Despite more stringent business requirements, Alliant does have the ability to help small businesses obtain the loan they need to launch a new project. However, there are drawbacks as well. These limitations include:
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.
Frequently Asked Questions
How long will it take to receive funds from Alliant?
The company is able to have funds available within approximately 60–90
Does Alliant require collateral with its loans?
The company may require some form of personal and business collateral in order to receive a loan.
Does Alliant have prepayment penalties?
The company does not have any prepayment penalties.
Does Alliant charge origination fees?
The company does disclose origination fees on its website.
Does Alliant charge closing fees?
Kabbage does disclose closing fees on its website.
How can I contact Alliant?
Small business owners can contact the company by visiting their site and filling out their loan application or by phone at 1-773-462-2000.
Types of Loans Offered
- Commercial Real Estate
- Lines of Credit
Not Publicly Disclosed
Up to 60-month terms
The Borrowing Process
Small business owners will need to find a local branch in their area to schedule an appointment. During the appointment, borrowers meet with a company representative, fill out a loan application, and submit certain required documentation. Small business owners will need to bring personal identification, a business plan, personal and business tax documents, and business income documentation.
The loan application process typically takes one to two hours to complete. During the appointment, a company representative will review all the information and do a credit check in order to make a determination for approval. Once the loan application is approved, funds are then transferred to a business bank account within a period of 60–90 days.
How to Apply
Alliant does not publicly disclose its application process on its website; however, borrowers looking for small business financing typically start by filling out an application to determine eligibility. To do so, small business owners will need to find a local branch near them and schedule an appointment. Branch information can be found directly on the company’s website or by calling the company directly. The approval process generally takes about an hour or two to complete.
Small business owners should bring personal and business documentation to the scheduled appointment. This typically includes a driver’s license, one year of personal tax statements, and a one-year minimum of business cash flow proof. Borrowers may also want to bring a business plan as well. The company will review the submitted documentation along with the borrower’s past credit history and make an approval determination. Once approved, funds are then transferred to a business bank account within 60–90 days.