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Your Guide to Small Business Loans

May 17, 2016

By: Stacy Yu

Start-up costs, equipment purchases, inventory, commercial real estate, and export costs are just a few of the many items that cause small business owners to search for financial support.  Fortunately, there are many financing options available.  However, finding the right financing option for you can sometimes feel overwhelming.

If you are in need of a Small Business Loan, here is a brief summary of the wide variety of financing options available at MAFCU to help you turn your dreams into a reality.

Micro Loans
Loan range: $10,000 – $50,000

MAFCU offers fully amortized micro loans to small business owners with limited funding needs.  These loans are an ideal solution for business owners of start-ups who are first time borrowers, have lower capital requirements, and a limited operating history.  Micro loans can be used to fund working capital, machinery, inventory, supplies, furniture and fixtures. 

Secured Member Business Loans
Loan Range:  Up to $100,000

For loan amounts up to $100,000, this fully amortized loan is an ideal solution for small business owners that need more repayment options.  Competitively priced, this loan can be secured by real estate, equipment, certificates, marketable securities or savings.  Interest rates on Secured Member Business Loans are dependent on the quality of the credit, business records, the liquidity and coverage of the security, and the terms and periodic payment requirements.

CA$H-FLOW Business Line of Credit
Credit Limit Range:  Up to $50,000

If you are a business owner in need of financial assistance, however do not want to commit assets to secure a loan, the CA$H-FLOW flexible line of credit may be the perfect solution for you.  This financing solution offers competitive terms and rates, with no collateral required.  There are no application, renewal or pre-payment fees.  Because CA$H-FLOW is a line of credit opposed to a loan, business owners can access their funds at any time.  Overdraft protection is available for Member Business and Commercial Checking accounts.

MAFCU-SBA Loans

As a proud Small Business Administration Lender, MAFCU offers government-backed loans for qualified small business owners.  Businesses eligible for SBA Loans include those that are owner operated, for-profit, within the size requirements set by the SBA, and who are unable to qualify for conventional financing under traditional terms.  SBA loans are structured to be a more affordable solution for qualified business owners and allow for longer, more flexible terms than conventional loan options.  This loan structure enables borrowers to access needed funds while preserving working capital for other essential business needs.  SBA loans can be used for start-up costs, equipment purchases, capital improvements, and permanent working capital.

MAFCU offers three (3) SBA Loan programs.

  1. SBA Express
    SBA Express offers a streamlined application process and enables for-profit businesses to purchase land, buildings, equipment and inventory.

  2. SBA 7(a) Term Loans
    Loan Range:  Up to $5M

    SBA 7(a) Term Loans provide more flexible terms on loans supporting working capital, business start-up, business acquisition, and real estate costs. Flexible terms include lower down payments and longer repayment options.

  3. SBA 504 Term Loans
    Loan Range:  Up to $5M

    The SBA 504 Loan provides businesses in need of longer term financing with funds to purchase commercial real estate, expand current facilities, construction, acquisition of new machinery and equipment or other fixed asset purchases.

Commercial Real Estate Loans

MAFCU's Commercial Real Estate Loans are ideal for businesses looking to invest in commercial property.  Using this low-rate loan, qualified borrowers can finance the purchase, build, refinance or rehab of any type of property with no pre-payment penalty.  Borrowers are required to occupy at least 50% of the property to qualify for this loan.

 

To find out more about how MAFCU can your small business grow, contact us at business@mafcu.org.

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