During the current financial crisis, many banks have stopped or slowed down their commercial lending, especially to small businesses. Credit Unions are well positioned to help our economy as we have money to lend small businesses, thereby filling a gap.
Lines of Credit
Lines of credit are revolving loans that are used to help businesses with short term cash flow needs. These are variable rate loans.
These fixed rate/term loans assist businesses in acquiring important items like trucks, construction equipment, or computers.
These loans are for the purpose of purchasing or refinancing commercial or residential rental properties. They are typically fixed rate loans, with amortizations of up to 20 years.
Business Credit Cards
Business credit cards are a convenience product for small businesses to use for very short term cash flow needs. The balance is entirely due monthly, and can be used to purchase supplies or items needed on a daily basis. As many suppliers to businesses will only accept credit cards as payment, credit cards are a must for most organizations.
Keystone FCU can help you match your needs