Commercial Loans are available to a corporation (limited companies), partnership, co-operatives or an individual carrying on a business as a sole proprietorship.
Lines of Credit – Operation cash flow needs.
- To finance inventory, receivables and work in progress.
- Interest rates are floating and are subject to change.
- No standby fees are charged at our Credit Union.
- Security is normally inventory and receivables which are margined at 75% or less.
Term Loans – Available to finance long term purchases such as equipment.
- Terms do not exceed 5 years.
- Interest rates may be fixed or floating.
- All term loans can be repaid early without penalty.
- Down payments of 25% are normally required but may be waived depending on the situation.
Commercial Mortgages – Available for purchases, renovations or expansions.
- Financing is normally 65% of the value of the property but may be as high as 80% depending on the situations.
- Interest rates may be either fixed or floating.
- All mortgages may be paid early without penalty.
- Amortization is a maximum of 20 years
Commercial Loans are reviewed annually in conjunction with the business year-end financial statements which are requested to be provided within 90 days of the business’ year-end.
Application and renewal fees apply to business loans and range from $50.00 to $500.00 depending on the amount borrowed.