We recognize the challenges a small business owner faces and want to help you have more time to increase your bottom line. As a member, you’re already familiar with many of our convenient services & products so let PEFCU be your “one-stop” for all your banking with a business account.
To Open a Business Account: You must maintain a $500 minimum checking account balance* (or a $10 fee per month is charged) *Exception: Some business accounts may be charged under business account analysis.
Credit or Debit? We can process bankcard transactions for business accounts. For businesses, bankcards mean larger average purchases, increased security, immediate processing and simpler accounting. Your customers use this timesaving, cost effective tool so make it convenient for them and profitable for you.
Business Loans: To improve your chances for loan approval, consider the following:
- Capacity – Make sure your business plan demonstrates your business’ ability to pay back the loan.
- Capital – To receive a loan, you will need to provide some capital as laws prohibit us from lending 100% of start-up or acquisition costs. This may come from deposits, an equity loan against your personal residence, or money from other sources.
- Collateral – What collateral do you have to enhance your credit? If the collateral is property, the loan request cannot exceed 80% of the property’s value. Other types of collateral may consist of equipment, vehicle(s) and other business assets.
- Conditions – Be prepared to demonstrate there is a market for your business based on the following: the local, regional and national economy, the type of business and competiveness of the business along with your experience in the specific industry and in managing a business.
- Character – Along with the general impression you make on your lender this will include your educational and business background and a check of your credit score. It is important to manage your personal credit well.
Before applying for a loan, ask yourself these questions:
- Am I committed to making my business succeed?
- Am I providing a viable service or product despite the competition?
- Have I researched and evaluated my competition?
- Is my business in compliance with all local, state, & federal regulations?
*A business loan must be secured by real estate.