To get you through the application process as quickly as possible, let us know if you are already a member.
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.
Term Loans can be used to:
- Finance assets or equipment
- 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 2 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