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.

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