Business FAQs

How much money can I borrow?

Loan amounts are based on a number of different factors, which are unique to each application. Your total loan amount depends on:

• The loan purpose
• Your credit history
• Previous credit limits
• Your income
• Gross sales of the business
• Any collateral used to secure the loan
• How long you’ve been in business

How do I know if my loan will be approved?

Your loan approval is tied to many factors. For example, the business needs to have been established for more than two years and must demonstrate both a historic and future ability to repay the loan. We also review a number of factors other than income, such as the type of collateral and the business’s balance sheet, as well as the credit history of both the business and the person applying for the loan.

How long does it usually take to get financing?

The time will vary based on multiple factors and what type of business loan it is. A loan officer can give you an estimate of your unique situation, at the time of approval.

How much money do I have to contribute toward the purchase price?

This will depend on many factors. All lenders require some type of investment of the borrower. A general guideline is 30% down. However, some situations will allow us to accept as little as 20% down. Your down payment can come from savings, home equity, retirement funds, or many other sources.

Are cash flow and adjusted net income important?

Positive cash flow and income are required to be analyzed by providing 3 years of Personal and/or Business tax returns to the lender. It is a crucial component of the strength of the application package.

I have a great business idea, can I get a business loan?

As a rule of thumb, we require demonstrated historic ability to repay the loan. However, a Small Business Administration (SBA) loan may be appropriate in some cases. In other cases, we may be able to provide you a loan using personal collateral such as a vehicle or a home equity loan. It is best to speak with a loan officer who can review your request and who may help by providing you resources to local agencies that assist with business start-up loans.

Do you offer SBA (Small Business Administration) loans?

Yes, we offer a variety of business loan options, including SBA loans, to fit your needs. We also know each business is different. Give us a call at 989-892-6088 for specific product and rate information that may be best for your business.

Do you offer online services for business accounts?

Yes, business members can use many of the same e-services available to those with individual memberships. Visit our online banking page for more information.

Looking for payroll or merchant services? We can help you with a custom referral to one of our preferred business providers: