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