Choosing the Right Business Loan for Your Needs at SharePoint Credit Union

Starting, growing, or expanding a business often requires access to capital. At SharePoint Credit Union, we understand that every business has unique financing needs. That's why we offer a variety of business loan options designed to help you achieve your goals. This guide will help you navigate the different loan types available and determine which is the best fit for your specific situation.

I. Term Loans

• What are they? Term loans provide a lump sum of capital upfront that you repay with regular payments over a set period (the "term").
• When to use them:
  • To finance equipment purchases.  
  • To acquire a vehicle for your business.  
  • For business expansion projects.
  • For other one-time capital expenditures.
• SharePoint CU offerings:
  • We offer Term & Equipment Loans with variable or fixed rates to suit your budget and needs.  
  • Our loans can be used to finance vehicles or equipment.  
• Key benefits at SharePoint CU:
  • Predictable repayment schedules.
  • Competitive interest rates.

II. Lines of Credit

• What are they? A business line of credit provides access to a revolving pool of funds that you can draw upon as needed. You only pay interest on the amount you borrow.
• When to use them:
  • To manage short-term cash flow gaps.
  • To finance inventory purchases.
  • To cover operating expenses.
• SharePoint CU offerings:
  • We offer Business Reserve Lines (this is implied in the checking account description, but make it explicit if it's a standalone product)
• Key benefits at SharePoint CU:
  • Flexibility to access funds when you need them.
  • Interest savings by only paying for what you use.

III. Commercial Real Estate Loans

• What are they? These loans are specifically designed to finance the purchase, construction, or renovation of commercial properties.
• When to use them:
  • To purchase a building for your business.  
  • To expand your existing facilities.  
  • To construct a new building.  
• SharePoint CU offerings:
  • We offer Commercial Real Estate Loans to help you finance your building purchase, expansion, or new construction.  
• Key benefits at SharePoint CU:
  • Long-term financing options.
  • Competitive rates and terms.

IV. SBA Loans

• What are they? Small Business Administration (SBA) loans are partially guaranteed by the SBA, which can make it easier for small businesses to obtain financing.
• When to use them:
  • When you may not qualify for a conventional loan.
  • For business startups.
  • For business expansion.
• SharePoint CU offerings:
  • We partner with the SBA to help small business owners obtain financing.  
  • Our SBA loans include term loans and lines of credit.  
• Key benefits at SharePoint CU:
  • Flexible terms.  
  • Lower down payments.  

V. Choosing the Right Loan

The best loan for your business depends on several factors:

• Purpose of the loan: What do you need the money for?
• Loan amount: How much money do you need to borrow?
• Repayment terms: How long do you need to repay the loan?
• Interest rates: What are the interest rates and fees?
• Your business's financial situation: What is your credit score, revenue, and cash flow?

At SharePoint Credit Union, we're committed to helping your business thrive. Our experienced team can help you assess your needs and choose the right loan solution. Contact us today to discuss your financing options.

Inquire Now: Business Inquiry