Advertiser Disclosure

Apple Federal Credit Union Small Business Loans

With one of the Midwest's most comprehensive credit and loan programs, Apple Federal Credit Union is part of the top 10% of US credit unions and one of the biggest organizations of its type, serving members in Virginia for small business financing.

Apple Federal Credit Union was founded in 1956, with headquarters in Fairfax, Virginia. With 21 branches across the state and hundreds of partner branch locations throughout the country, it now serves more than 220,000 members.

Talia Stern Apple Federal Credit Union was founded in 1956, with headquarters in Fairfax, Virginia. With 21 branches across the state and hundreds of partner branch locations throughout the country, it now serves more than 220,000 members.
Talia Stern
August 7, 2022

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

Are you a business owner in Virginia? Apple Federal Credit Union is a great choice for your business financing partner if you live and operate in the state. You get a complete offering of financial services to fund your small business.

Apple Federal Credit Union (Apple FCU) is a US-based credit union founded in 1956. The organization has its headquarters in Fairfax, Virginia, operating under the charter and regulation of the National Credit Union Administration (NCUA).

Apple FCU has more than 220,000 members with over $3-billion in assets under management. It's part of the top 10% of US credit unions and one of the biggest organizations of its type in the United States. Apple FCU is governed by a board of volunteer directors, elected from and by its membership.

Apple FCU operates 21 branches across Virginia and hundreds of partner branch locations throughout the United States. Members get access to over 53,000 surcharge-free ATMs across the country.

Apple FCU also operates a subsidiary, Apple Financial Services, LLC, offering members wealth management and insurance products. Apple FCU has nearly 500 employees and was listed as one of the "Best Places to Work in Virginia" by Virginia Business Magazine in 2018.

2018 also saw Apple Federal Credit Union win the "Best-In-State Credit Unions" award in a survey of 25,000 participants. Apple FCU started its charter in Virginia, spreading its influence throughout surrounding areas through a series of strategic acquisitions and mergers.

In 2011, Apple FCU added the charter for Prince William County after merging with Synergy One Federal Credit Union. In 2013, Apple FCU completed a merger with Vantria Federal Credit Union adding Fairfax county to its charter.

So, is Apple Federal Credit Union the right financing partner for your local business? Let's unpack the offering from Apple FCU to see if it's the right fit for your company.

“You have one of the best selections of loan and credit facilities available in the Midwest.”

What Does Apple Federal Credit Union Offer?

Apple Federal Credit Union has one of the Midwest's most comprehensive credit and loan programs. As one of the top 100 credit unions in the United States, you'll find everything you need for business financing on its website. 

You get business banking facilities, small business term loans, small business lines of credit, and SBA loans for startups. Here's what you can expect to get access to as a member:

Complete Business Banking

Apple FCU offers qualifying members access to a competitive range of business banking services. You get checking and savings accounts, and merchant services for your business.

Short-Term Financing Products

Apple FCU has a range of short-term small business financing solutions for your business. Apply for a credit card or a business line of credit to help you manage your cash flow.

Long-term Financing Products

You get access to term and commercial real estate loans through Apple FCU. The loans and credit facilities come with lower APR than you get with the banks and favorable terms.

Value-Added Services

Apple FCU offers you financial advisory for your business. Speak to the business lending team for a financing solution tailored to your business.

What Types of Business Loans Can I Get with Apple Federal Credit Union?

Apple Federal Credit Union offers a diverse range of financial services and products for its business members. You have one of the best selections of loan and credit facilities available in the Midwest and all the services you would expect to see at a commercial bank.  

If you want to open an account with Apple Federal Credit Union, visit your local branch or call the customer support line. The only thing lacking in the Apple FCU business financing range is a business credit card and business loans of credit.

However, you get working capital loans available to assist with your cash flow management. Speak to an account manager and find out what credit and loan facilities are available for your business.

Here are the loan and credit facilities offered to business members with Apple Federal Credit union.

Business Term Loans

Apple FCU offers qualifying businesses term loans with affordable rates and terms up to 10 years. 

You have options for secured or unsecured term loans and variable or fixed interest rates. With Apple FCU, you get access to a dedicated commercial lender assigned to your account for advice. Business term loans are ideal for allowing you to expand your business operations.

Equipment Financing

If you need financing for your production line or manufacturing business, Apple FCU offers equipment financing for your business. However, you’ll have to buy new equipment and need to make a 20% down payment on the loan amount to access the financing.

Outfit your workshop, buy new machinery to expand your facilities, and get the financing you need with Apple FCU. Equipment financing is available for startups through the SBA 504 loans program.

Working Capital

Apple FCU might not have business credit cards available for its clients. However, they offer working capital loans for your small business. A working capital loan gives access to funding for inventory purchases and cash flow management.

Working capital loans are ideal for bridging the gaps in your monthly finances. You get access to the funding you need to keep your business moving forward. You get flexible terms and competitive APR with low fees. Keep your business moving with working capital loans from Apple FCU.

Commercial Real Estate Loans

Real estate developers and investors access the capital they need for investments with Apple FCU. Commercial loans come with up to 80% loan-to-value (LTV), meaning you’ll need to put up 20% of the purchase prices as a down payment or post collateral to the same value.

The SBA 504 Loan Program is available for investors with no track record. You get favorable loan terms and down payments as low as 10%. Typically, loan terms with Apple FCU are 5, 7, or 10 years. You have an amortization period of up to 30 years on selected property deals. Apple Federal Credit Union offers loan amounts from $50,000 to $10-million or more, depending on your financial standing.

Apple FCU will accommodate loan requests exceeding $10-million. However, you’ll have to inquire with your loan officer to find out the details required for a successful application. You get fast, local decision-making, with decisions in as little as five to seven working days.

Vehicle Loans

If you need to add to your fleet, consider Apple FCU as your financing partner. You get financing for cars, vans, light trucks, SUVs, and heavy-duty vehicles and trucks. Vehicle loans with Apple FCU don’t require any downpayment of collateral to access the financing.

Apple FCU offers business members financing and refinancing options for their fleet. You get no prepayment penalties for early settlement and competitive fixed rates on your facility. Apple Federal Credit Union provides commercial vehicle financing, with LTV of up to 80% and terms up to 84 months.

However, after taking your down payment, commercial vehicle loans must exceed $50,000 in value. You get low fees on your loans, but you’ll have to pay a $150 origination fee, lien search and recording fees may also apply, depending on your location.

SBA 504 Loans

If you’re a startup, you will find it challenging to secure financing for your company. Without a track record, lenders are unwilling to take a risk in loaning you money. So, you can’t apply for a term loan or conventional financing with Apple FCU if you’re a startup.

However, Apple FCU offers members access to the SBA 504 Loans Program for startups. These loans are secured by the federal government. As a result, lenders are willing to accommodate the risk of loaning you money when the government backs the loan.

SBA 504 Loans are ideal for startups that need capital for purchasing large ticket items like major fixed assets such as retail space, office buildings, warehouse facilities, equipment, and machinery. 

 You get favorable terms and competitive rates on your loan, with the SBA only requiring a 10% down payment to access the facility, as opposed to the 20% to 30% required when taking a term loan with Apple FCU.

Speak to your account manager and ask about the qualifying criteria for SBA 504 loans.

“If you need financing, Apple FCU has everything you need.”

Who Should Apply for a Business Loan with Apple Federal Credit Union?

If you're a small business owner in the Midwest, living in Kansas or Missouri, Apple FCU is a great choice for your business financing partner. The credit Union works with all businesses, from startups to retail stores to mom-and-pop companies. If you need financing, Apple FCU has everything you need.

How do I Qualify for Business Financing with Apple Federal Credit Union?

When applying for a business loan with Apple FCU, you'll need to prove that your business is profitable. You'll also need a track record extending back at least three years to qualify for the loan.

Apple FCU doesn't work with new companies and startups. If you need financing, you'll have to speak to the business accounts manager about an SBA loan for your business. Apple FCU won't loan your company money if it thinks you're in bad financial shape.

The loan manager will conduct due diligence on the company and the owners when assessing you for a loan. The due diligence process uncovers any financial problems, so it's important to be transparent about personal and business finances when making your application.

When reviewing your account and financing application, the loan manager will look at the following to assess the financial health of the company and its ownership.

Your FICO Credit Score and Business Standing

The loan manager at Apple FCU looks at the business's financial standing and its ownership when assessing you for a loan. The loan manager gets the information they need about the company's finances through the financial statements.

However, it assesses each owner independently of the business. The owners will need a debt-to-income ratio within range, and they need a minimum credit score of 680 for a successful application. If one of the owners has a low credit score, Apple FCU may still offer the facility at a higher APR.

Annual Revenue and P&L Statements

When applying for a loan or credit facility with Apple FCU, the loan manager will require you to submit your income and P&L statement with your financials. In most cases, you'll need to provide the last two years' financial statements, but larger loan facilities may require you to furnish the loan officer with three years of financial statements.

The loan manager looks through the financials to see if your company and the owners can afford the loan or if they are likely to default on payments. Apple FCU won't loan money to struggling businesses desperate for cash – you'll need another lending solution if you're in financial trouble.

Debt-to-Income Ratio

The loan manager assesses the "debt-to-income ratio" of the business and the owners. They look at the amount of revenue generated each year in your financials, measuring it against the amount of outstanding debt held by the company and its owners.

The debt-to-income ratio must be lower than 30% to qualify for your loan or credit facility. However, if one of the members has a higher debt-to-income ratio above the 30% threshold, Apple FCU may still approve the loan but at a higher interest rate.

Down Payments and Collateral

Apple FCU doesn't offer 100% equipment financing and real estate loans. They require the company to make a 20% to 30% down payment on the loan to access the funding. This model reduces the risk involved with loaning businesses money.

If the business doesn't have the capital to cover the down payment, they aren't in good financial shape and may default on the loan repayments. You can also post collateral, like real estate, to cover the down payment on the loan or credit facility.

Business Plan

While the loans officer is most interested in your financial statements, they will also want to see a working copy of your business plan.

They'll want a brief breakdown of your company and what you do. A working business plan builds confidence in the lender, showing them that the business has strong leadership and direction.

How Do I Apply for a Loan with Apple Federal Credit Union?

To secure financing or loans from Apple FCU, you'll need to open a business member account to access the services. As a credit union, Apple FCU only works with its membership. Opening an account at Apple FCU is easy and takes around an hour if you visit a branch.

Alternatively, you have the option of applying for your account online. It takes the management up to two weeks to process your application and open your account. The business accounts manager will require you to submit your company information with your application when opening your business account.

Here are the basic documentation requirements for each legal entity opening a business account with Apple FCU.

Sole Proprietor

Limited Liability Company (LLC)


Nonprofit Corporation


Formal Organization

Owners with a 25% or more ownership stake in the company are "beneficial owners." All beneficial owners provide Apple FCU with the following information when opening their business accounts.

All beneficial owners must visit their local branch to complete identity verification. Take your government-issued ID along with you to prove your identity and finish the process of opening your account.

What Documents Will I Need to Apply for a Business Loan with Apple Federal Credit Union?

After opening your business account with Apple FCU, you can access the entire range of business financing services. We recommend going into your local branch to meet with the business manager when opening your account.

If you want to apply for loan and credit facilities with Apple FCU, you'll need to complete the loan application and provide the loan manager with supporting documentation. The basic information required for applying for credit or loans with Apple FCU is the following.

These are the basic requirements for supporting documents when applying for business credit cards and lines of credit. However, the supporting documents required for a term and commercial real estate loan require further supporting documentation with your application.

Along with the documents mentioned above, members must submit the following with their application.

When applying for your loan or line of credit, you'll need to complete the application in full and submit all supporting documents. Suppose you don't complete the application properly or submit it without supporting documents. In that case, it may lead to denial or delay in approving your loan or credit facility with Apple FCU.

Exclusions with Apple Federal Credit Union Business Loans

There are some exclusions to acquiring finance with Apple FCU. The loans manager will require you to disclose all financial issues relating to the business and its ownership. 

If the owners or the company have any of the following problems. In that case, the loan manager may deny your application or offer you the facility at a higher APR to cover the risk.

When completing your loan application with Apple FCU, be honest with the information requested. If the loan officer discovers financial irregularities with your company or personal finances, they may refuse your loan application.

Here are the primary exclusion criteria for applying for loans and credit facilities with Apple FCU.

Company Financial Disclosures

Apple FCU requires businesses to disclose their financial position to the loan manager when applying for a loan. Apple FCU may deny your loan or credit application if the company experienced bankruptcy in the last ten years or the owners have judgments or collection notices against them in the previous two years.

The company will also need a track record of profitability going back at least three years. Apple FCU doesn't make term loans or credit facilities available for startups. However, startups can apply for loans and lines of credit through the SBA Loans Program.

Outstanding Credit Facilities

The loan officer will require owners to submit business and personal debt schedules. The loans officer will assess the company and owners' finances. They review your outstanding business and personal credit facilities to see if you can afford the loan or credit facility.

If the loan officer feels you have too much outstanding debt, they may refuse the loan application or offer you the facility with a higher APR to cover the risk of loaning money to your company. You'll need the company and the owners to have debt-to-income ratios under 30%.

Losses and Tax Standing

When completing the due diligence on your business, the loans officer at Apple FCU will require you to disclose any losses suffered by the company in the last two years. If you sustained losses, it might result in the denial of your loan or credit application.

The owners must disclose if the company is up for sale or if there is a pending change of ownership. The owners and the company will need good standing with the tax authorities and the credit bureaus.

User Generated Content Disclosure