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
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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
If you have any questions or would like to discuss your options, please contact us.Contact Us