Term Loans – Business

Term loans are a short or intermediate financing option that are used to finance a business need for a specific amount of credit over a set period of time.

What can I use term loans for?

• Finance assets or equipment
• Learn more about equipment financing for medical professionals and physicians
• Fund business growth or expansion
• Secured and unsecured options available
• Fixed or variable interest rates
• Repayments based on a predetermined schedule. Variety of terms available.
• Set up automatic payments through your SECU business checking account

What do I need to get started?

• Must meet all membership requirements
• Business must be under current ownership for at least 24 consecutive months
• Key owners, any individual with at least 20% ownership in the business, need to provide personal guaranty
• All appropriate business legal structure documents
• Minimum of two years business and personal federal tax returns (complete with all schedules and attachments)
• Interim income statement and balance sheet if more than 90 days past fiscal year end