Whether your business is new or established, sole proprietorship, partnership, LLC or Corporation, First Community Federal Credit Union may be able to help with a Business Loan or Line of Credit that meets your current financing needs. We offer business financing options for buying or renovating commercial real estate, purchasing equipment and inventory, and consolidating existing business debt. Talk to us to determine the best possible financing option that will help you get the job done in a time frame that works for you and your business.
Due to the variety of available loans and lines of credit that may best meet your business financing needs, please contact Ed Case, our Business Development Representative to arrange a time to meet and review your current needs. You may reach Ed Case by email or by calling (269) 382-9845, ext. 1129.
Business Term Loan Options
When it’s time to expand your inventory, whether it’s machinery or merchandise, funding for permanent working capital, a business acquisition or debt consolidation, a business term loan from First Community Federal Credit Union can help you take advantage of the opportunities available to your business.
Commercial Mortgage Loans
To meet the needs for the purchase, refinance, renovation or rental of commercial properties and non-owner occupied residential buildings, First Community FCU offers a variety of commercial real estate loan solutions. The interest rates may be fixed or variable.
Commercial Construction Loans
First Community FCU offers construction loans for all types of commercial and residential projects including rehabilitations. We can offer a construction loan with interest only payments during the construction period, convertible to a permanent mortgage once the construction project is complete.
Business Operating Term Loans
Business Operating Term Loans are available for the purpose of acquiring capital assets such as equipment, machinery, furniture, fixtures and leasehold improvements. Additionally, we offer financing for your business vehicle and transportation needs.
Additional Term Loan Options
First Community FCU can be your term lending resource for a variety of purposes that meet the conditions of improving your business's bottom line through additions to long term working capital, expansion or modernization of facilities, construction needs, and more.
Secured Lines of Credit
Your growing business might also be in need of a Revolving Line of Credit. This loan option is perfect when your business requires quick access to cash for a variety of short term reasons, including managing accounts receivable, taking advantage of supplier discounts, or purchasing inventory. You may borrow up to a set amount and pay it down repeatedly, balancing your cash flow needs with this ready source of short-term funds. A line of credit is most often secured by real estate, inventory and other business assets, and may be renewable annually.
Getting Started
We’ll help you through the process of applying for and securing your business loan or line of credit. Some good questions to be prepared for in the initial phases will help best determine which product is best for your unique situation:
- How much do you need to borrow for your current and future needs?
- How long has your organization been in business?
- Do you have business assets that may be used as collateral?
When the application process begins, we will work with you to obtain the following documents needed to complete the loan:
- Completed Business Loan Application
- Completed personal financial statement for each person who owns a portion of the business
- Business financial statements or tax returns for the previous three years
- Personal income tax returns for each person who owns a portion of the business, as well as guarantors
