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NJBiz.com is reporting that some New Jersey business owners are now turning to credit unions instead of to banks for commercial loans. A lot of businesses are doing this because they feel they have more of a change of being approved for a business loan than they would have with a bank.
James Griffin, Vice President of sales and marketing for the North Jersey Federal Credit Union, says that the mechanics of applying for a commercial loan through a credit union are not much different from that of a bank.
Typically requirements include personal tax returns, business tax returns, financial statements and sometimes the company's business plan.