At BHCU, we understand that owning a small business or starting one up can be very challenging, especially during tough periods in our economy or seasonally slow periods in your business. That’s why we offer small business loans at great low rates for our members, making us the best bank for small businesses.
Small business financing is a popular choice for owners to grow their businesses with choices that require capital. Whether buying new equipment or commercial real estate, the possibilities are endless when you’ve secured a good loan at low-interest rates.
When Should You Apply?
The best way to ensure you’re getting a great loan is to apply when your business is in good shape and you are earning a lot of income. This is because our lenders will use your credit history and income to determine how much money you can borrow. These choices have a significant impact on your repayment ability for the entire life of your loan, so it’s a good idea to think it through before applying.
We at BHCU offer long-term loans at larger amounts which helps you afford your latest business venture.
What Can I Use a Small Business Loan For?
Expanding Your Business
Small business financing is a tool many experienced business owners use to make big changes within their companies. With extra capital from your loan, you can do things like grow your business by adding a new location or onboarding new employees to help you get things done and ultimately, earn more.
We are happy to offer specific Commercial Real Estate Loans of up to $1,000,000 with low fixed or variable rates in PA, NJ, DE, and MD.
A business owner has likely borrowed money from other accounts since a successful business usually requires investments. Refinancing your debt and consolidating your loans help to lower your monthly payments and get you a better interest rate.
Upping Your Cash Flow
At BHCU, we offer Business Credit Cards and Business Lines of Credit which you can repay as you go instead of a loan that will have a deadline. Your line of credit can also be used as overdraft protection when you link it to a BHCU Business checking account.
Additionally, there can be tax benefits from using a small business loan. You can save on tax obligations because your business has paid interest on its loans. Be sure to consult with a tax professional to find out where you might be able to save.
Ultimately, choosing an experienced lender like BHCU can make all the difference when applying for a small business loan. Because of our small-town background, we are committed to helping the businesses in our community improve and grow. It’s our objective to tailor a unique solution to your business’s financial needs, and we will do anything we can to personally help you achieve your financial dreams.