Loan
- Purchase real estate or facilities
- Equipment acquisition
- Inventory
- Permanent working capital
Qualifications
- Good credit history
- Adequate repayment capability
- Adequate collateralization
Maximum Limit
- Up to $100,000 in some cases, can go up to $250,000
Rates and Terms
- Variable
- Prime rate plus 4.0% – 6.0%
- Maximum term of up to 10 years for working capital
- Maximum term of up to 10 years or useful life for equipment
Collateral
- All available business and personal assets (i.e. accounts receivable, inventory, machinery, equipment, and real property)
- In some cases, the borrower may be required to obtain a state loan guarantee for the credit
Loan Fees
- 2% – 3% fee
- $250 – $350 documentation fee
- All “Out-of-pocket” expenses
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Valley First Credit Union
