Service One Credit Union icon Service One Credit Union Go to main content
Member Login

SOCU Business Loans

If you are looking to start a business or move your business account, we are here to help you!

Service One offers business loans to both members and our community. We will be happy to work with you getting your business account set up.

Please view our business lending products below.

For a list of Frequently Asked Questions, visit our Business Loan FAQs page.


Business Checking

 Business Easy Checking

(Business Entities & Organizations)

Business Share Draft (checking) is an interest-bearing account available to help members manage their business financial needs while earning dividends on their average daily balance when a $1,000 balance is maintained.

Members enjoy convenient access and innovative solutions that can save them time and money. Beyond our friendly and knowledgeable associates in the branches, members can access their funds with checks, with the free debit card, through surcharge-free ATMs at each branch and in the Money Pass & Alliance One networks, electronically through ACH, and at Shared Branching outlet locations. Convenient deposit options include direct deposit and remote check deposit with a smartphone using My Deposit Mobile. There are a variety of innovative solutions to help members manage their money, including online and mobile access, free Bill Pay, and a free budgeting tool called Money Manager.

Account-holders will have a fully-functioning checking account, with benefits as outlined below.

Benefits

  • A dividend is paid monthly based on the average daily balance greater than $1,000
  • A tiered dividend structure provides higher rate on larger balances
  • Free debit card
  • No monthly maintenance fee (with minimum balance)
  • Mobile/Online account access
  • Remote deposit capture with My Deposit Mobile
  • ATM access
  • Email or text alerts
  • $500 Overdraft Privilege to qualifying members
  • 8 Free ATM withdrawals per month
 

Requirements

  • Business Entities & Organization established in and in Good Standing with Commonwealth of KY
  • Licensed to do business within Service One's Trade Area
  • Must have a member share account with an adequate par value
  • Minimum average daily balance of $1,000 to earn dividend and avoid a monthly maintenance fee
  • Limit of 250 transactions per month

Business Savings

 Business Member Share (Savings)

Get started with your business account.

A Business Member Share (Savings) Account is opened to hold the par value requirement. Additional funds may be deposited and withdrawn as long as the original "share" is maintained. To become a member and utilize other products and services, one "share" ($25) must be maintained in the Credit Union. This par value is a requirement to be a member in good standing.

This savings account is a convenient way for members to accumulate funds. Some members add other sub-accounts to separate their funds and save for specific purposes (i.e. insurance, vacation, tuition, rainy-day fund, etc.) but only the initial account must maintain the membership "share."

Dividends are paid monthly based on a minimum average daily balance requirement.

Features and Benefits

  • Great product for saving
  • Can add multiple sub­accounts for separating funds
  • Customized descriptions
  • A dividend is paid monthly based on the average daily balance
  • A tiered dividend structure provides higher rate on larger balances
  • Online access through Home Branch with E­statements

Requirements

  • Minimum balance of $25 at all times
  • Maintain a minimum average daily balance of $500 to earn dividends
  • Qualification in our Field of Membership

Business Lending Products

 Commercial Real Estate Loans

  • Purchase or refinance of commercial, industrial and/or investment property
  • Terms up to 5 years, amortizations up to 25 years
  • Fixed and variable rate options available

 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 

 

Please contact Greg Seaton at 270-904-0998 or by emailing gseaton@socu.com with questions about your business loan needs.

FAQs

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 process generally takes 30 to 60 days to underwrite the request and 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. For a more detailed list, please click here.

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 Please Contact

Greg Seaton at Service One, 543 31W Bypass, Bowling Green, KY at 270-901-0998 or email gseaton@socu.com.

Go to main navigation