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Starting a business? Looking to expand? Let us turn your dreams into reality!

Business Checking

 Business Checking

Enjoy essential tools and innovative solutions that will help develop and grow your business! This account comes with a free Service One Business Debit Card, free mobile/online access, and a tiered dividend structure on daily balances over $1,000.

Other Benefits Include:

  • No monthly maintenance fee (with minimum balance)
  • Over 40,000 nationwide surcharge-free ATMs
  • Free 24/7 telephone banking
  • Free e-statements
  • Free email and text alerts
  • $500 Courtesy Pay (for qualified members)
  • 8 Free (non SOCU) ATM withdrawals per month

Business Savings

 Business Savings 

Lady running business from home

Set funds aside for exciting opportunities or unexpected expenses with our Business Savings account.  

Benefits Include:

  • Earning dividends with daily balances over $500
  • Free mobile & online account access
  • Free e-­statements
  • Free 24/7 telephone banking
  • Customizable descriptions

Business Visa® Credit Card

As a business owner using a widely accepted credit card is essential to complete everyday transactions. With our Business VISA® Credit Card, you’ll be able to monitor activity, separate business expenses, and pay down other debt faster. Take control of your expenses with a low rate, no balance transfer fee, and no annual fee.

 Up to $25,000 credit available

 Low-Interest Rate

 No Balance Transfer Fee

 

 Pay Down Other Credit Balances Faster

 Separate Business Expenses

 Manage Cash Flow-Track Spending

 

 EMV Smart Chip Technology

 No Annual Fee

 Enroll in VISA Purchase Alerts

 

Business Visa Credit Card

Get more card detail information.

Business Lending

 Commercial Real Estate Loans

  • Purchase or refinance of commercial, industrial, and/or investment property
  • Terms up to 5 years, amortizations up to 25 years

 Term Loans

  • Purchase or refinance machinery, equipment or other capital assets, permanent working capital, business acquisition, debt consolidation
  • Generally, 12 to 120-month terms
  • Fixed and variable rate options available

 Lines of Credit

  • Available for any general business purpose
  • Line of credit facilities are generally reviewed on an annual basis
  • Rates are typically set at a floating rate over the Wall Street Journal Prime Lending Index 

FAQs

How do I open a Business Checking or Savings account?
Before opening your new account, our Business Account experts will need a few documents. These include:

  • Each owner with 25% (if applicable) or controlling manager: name, address, date of birth, SSN or Tax ID number, citizenship info & ownership percentage
  • E-mail address and phone number
  • U.S. address and owner establishment date
  • Legal name of business and type of business
  • Business Entities & Organization established in and in Good Standing with the Commonwealth of Kentucky 
  • Licensed to do business within Service One's Trade Area

How is borrowing from a credit union different from borrowing from a bank?
Credit unions have members who are also owners. These members have voting power and receive dividends in many cases. Banks have clients, usually with limited or no voting power.

From a lending standpoint, credit unions and banks have very similar processes. Credit unions believe in the importance of relationship lending and supporting their local communities – they often fund business loan opportunities through a syndication model to manage their risk and their regulatory lending cap.

What is your timeline to close an average business loan?
Once the application and complete loan package have been submitted, the approval process generally takes 2 to 3 business days and 30 to 45 days to finalize the loan closing.

What fees are charged during the business loan process?
The fees charged on our business loans are generally comprised of an application fee, a loan origination fee, and the standard industry third-party fees like title, appraisal, and environmental. Non-real estate transactions will oftentimes not require a title, appraisal, or environmental expenses.

Who is required to sign personally on a business loan?
Generally, those individuals who own 20% or more of the borrowing entity must sign personally on the business loan. This may vary depending upon the transaction type and the ownership structure.

What documents are needed to submit a loan request?
Documents necessary to review a business loan request are listed on the front of our business loan application. Get a more detailed list.

What type of business loan can I apply to receive?

  • Commercial Vehicle Loans
  • Commercial Equipment Loans
  • Commercial Adjustable Rate Mortgage
  • Commercial Investment Residential Loans
  • Commercial Operating Lines of Credit
  • Commercial Open Notes

Contact

 For More Information:

Complete the Business Services Contact Form

Or Contact:

Greg Seaton at 270-904-0998 or by email gseaton@socu.com

Ralph Addison at 270-904-8551 or by email raddison@socu.com

Jason Ross at 270-599-0471 or by email at jross@socu.com

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