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Business Loans and Lines of Credit

Home Business Banking Business Lending Business Loans and Lines of Credit

A business owner at work

Borrow to Build your Future

Running a business isn't easy (or cheap). That's where we come in. As a business member of First Entertainment, you will gain access to a team of experienced professionals who consider it our privilege to help your business succeed.

We will take the time to understand your business and develop a plan that maximizes your business strengths.

 

Contact our Business Banking Experts

Already know what you need? Let us know and one of our Business Banking specialists will set you up!

Send our pros an email.

 

SBA Funded Programs

As of May 12, 2020, First Entertainment has stopped accepting new applications for the PPP because we have reached our maximum number allowed.1

Unfortunately, we are not able to assist members with Economic Injury Disaster Loan (EIDL) requests.  For general information regarding available programs including EIDL, a current list of participating lenders still accepting PPP applications, or to locate an approved SBA 7a Lender, business owners can search sba.gov, or click on the links below for details.2

 

Business Lines of Credit

Keep a revolving line of credit available for a variety of short-term needs without missing a beat with these features:

  • Line Limits from $5,000 - $250,000
  • Terms of up to two years (subject to annual reviews)
  • Pay interest only with a 30-day clean-up period3
  • Competitive rates

 

Business Term Loans

Does your company need some extra cash to operate? If so, this is the loan for you. A closed-end term can be used to provide permanent working capital or make long-term asset purchases. Features include:

  • Loan Amounts from $1,000 - $500,000
  • Terms of up to three years unsecured or five years if secured by equipment or commercial vehicles
  • Competitive rates

 

Business Credit Cards4

Get a leg up with the plastic that gets things done. Cover your business' everyday needs like purchasing, travel and business expenses with the following features:

  • Credit Limits from $5,000 - $50,000
  • Variable Annual Percentage Rate (APR)
  • No Annual Fee
  • Lost Luggage Reimbursement
  • Trip Delay Reimbursement
  • Concierge Services

 

Business Equipment Loans

It takes gear to do business! Get yours with our convenient Business Equipment Loans.

  • Loan Amounts from $2,500 - $500,000
  • Terms up to 5 years

 

Business Vehicle Loans

Need to get yourself, talent, or gear from Point A to Point B? Our Business Vehicle Loans will help get you there.

  • Loan Amounts from $2,500 - $150,000
  • Terms up to 5 years
  • Variable Annual Percentage Rate (APR5)
  • Vehicles up to a Gross Vehicle Weight (GVW) of 19,500 pounds

 

Commercial Real Estate Lending

Investor and Owner/User Properties are eligible for our Commercial Real Estate Loans. Commercial real estate property types include office, retail, mixed-use, industrial, single-use and multi-family units.

 

  • Business Lending Rates

    Effective Date: May 25, 2020

    Type APR* Maximum Amount Term
    Business Lines of Credit Prime* + Margin of +2.00% to +6.00% $5,000 - $250,000 Up to 2 Years with Annual Reviews
    Business Term Loans Prime* + Margin of -0.25% to +3.75% $1,000 - $500,000

    Up to 3 years unsecured

     

    Up to 5 years if secured by equipment or commercial vehicle
    Business Credit Card Prime* + Margin of +5.99% to +13.65% $5,000 - $50,000 Revolving
    Business Equipment Loans Rates as low as 4.0% APR** (fixed) $2,500 - $500,000 Up to 5 years
    Business Vehicle Loan Rates as low as 3.0% APR** (fixed) $2,500 - $150,000 Up to 5 years

    *Prime Rate is based on that published by the Wall Street Journal.

    **APR = Annual Percentage Rate. For example, based on an average rate of 3.00% APR for new vehicles up to forty-eight (48) months, your monthly payment would be approximately $22.13 per $1,000 borrowed. Rates and terms subject to change without notice. All loans are subject to credit, income, and collateral approval.

    Alternative rates and terms apply depending on applicant's credit and collateral qualifications. Prime Rate is based on that published by the Wall Street Journal.

Contact our Business Banking Experts

Already know what you need? Let us know and one of our Business Banking specialists will set you up!

Send our pros an email.

The information on this webpage is not an offer to lend. Please note that all Business Loans are subject to the Credit Union’s underwriting and approval requirements. Final terms and conditions will depend on credit qualifications. Alternative rates and terms may apply depending on applicant's credit and collateral qualifications.

 

1  Any loan made under the Program must also be submitted to and approved by the SBA. First Entertainment Credit Union does not guarantee that applications will be processed and submitted before SBA funding is no longer available. Maximum portfolio limit of SBA PPP loans allowed is $5,000,000. 

2 Information on programs provided and offered by the U.S. Small Business Administration is not associated with, or guaranteed by, First Entertainment Credit Union.

3 30-day clean-up period requires that a business line of credit balance be kept at zero for thirty (30) days.

4 Personal Guarantee Required.

5 APR = Annual Percentage Rate. For example, based on an average rate of 3.00% APR for New Vehicles up to forty-eight (48) months, your monthly payment would be approximately $22.13 per $1,000 borrowed. Rates and terms subject to change without notice. All loans are subject to credit, income, and collateral approval.