It’s harder to get a business loan from a credit union in that you’ll need to become a member before you can explore your options and submit an application. That said, some credit unions may require that you maintain your membership for a certain time period before applying for a loan.
With that in mind, getting a loan from a credit union is generally no harder than getting one from a bank. Both of these types of institutions offer low interest, competitive loan products—but will also require that business’s meet top requirements in order to qualify.
Therefore, it will be difficult to get a loan from a credit union if you have average or bad credit, can’t show strong business revenue, or haven’t been in business for very long.