Small business term loans are used for a variety of purchases: equipment, business vehicle or owner-occupied real estate, for example.
Business auto loans and leases
Term is determined by the year of the vehicle and the interest rate is 1 percent over the consumer rate for the same vehicle.
The term is determined by the age, type and condition of the equipment, with a seven-year maximum. The interest rate is also determined by the age, type and condition of the equipment, and is typically between the Prime rate to the Prime plus 3 percent.
Commercial real estate
Commercial real estate must be owner occupied, with the business occupying at least 51 percent of the square footage. These loans are structured as a 5 year ARM, amortized over a maximum of 25 years. The amortization term is determined by a certified appraisal.
The interest rate is the consumer five-year ARM rate plus 1 percent.
Visit any Educators location to apply for a business loan or line of credit. To help the application process, applicants should bring tax returns for the business and any business owners for the previous two years.
Looking for other options? We also offer Business Lines of Credit.