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
Medical professionals and physicians
Up to 100% financing with terms up to 10 years for all medical professionals