Banking Solutions Built for Local Businesses
Managing a business takes enough of your time. You need straightforward financial tools that work just as hard as you do, backed by a local team that understands your goals. From launch capital to maximizing your reserves, we provide practical options to help your business thrive.
For assistance with our business options, connect with our Call Center at 270-796-8500 or stop into any SOCU branch.
Financing & Growth
Startup Business Loans
Launching a new venture or scaling a fresh idea requires reliable capital. This flexible solution provides an accessible line of credit or a small upfront loan to fuel your early momentum and cover essential operational costs.
Tailored for Early-Stage Operations: Designed specifically for micro-businesses, single-member LLCs, sole proprietorships, and companies operating for less than two years.
Practical Financing Limits: Secure up to $10,000 with a personal guarantee to give your enterprise a strong start.
Versatile Uses: Use your funds to secure early inventory, cover immediate cash flow gaps, or invest in infrastructure.
Everyday Business Essentials
Running a business requires smooth daily transactions. We offer a full suite of foundational accounts to handle your day-to-day revenue and spending.
Business Checking and Savings
Reliable accounts structured to handle your regular commerce, client invoicing, & daily expenses.
Business Credit Cards
Secure purchasing power to manage team expenses and track daily supplies. A simple, reliable tool built to keep your daily operations running smoothly.
Savings & Cash Management
Business Money Market Accounts
Your excess revenue should be working for you, even if you need to keep it within arm's reach. This account mirrors our high-yield personal money market structure, providing competitive dividends while protecting your liquid flexibility.
Total Liquidity: Keep your money available for daily operational needs while earning a higher return than standard savings.
Flexible Capital Management: An ideal tool for setting aside quarterly tax reserves or managing seasonal cash flow shifts.
Accessible Membership: Available to any local business that meets our standard membership requirements, with no restrictive deposit caps.
Business Certificates of Deposit (CDs)
When you have cash reserves earmarked for long-term goals, locking in a guaranteed rate protects your bottom line. Our business certificates offer a secure path to maximize your returns.
Flexible Investment Horizons: Terms are available across multiple intervals from 3 to 60 months, allowing you to align your savings with your future business roadmap.
Low Entry Threshold: Open your certificate and secure a competitive dividend rate with a minimum deposit of $500.
Strategic Growth Planning: Perfect for businesses saving for upcoming facility builds, expansions, or major equipment upgrades down the road.
Business Rates
Business Savings
| Balance Tier | APY** |
|---|---|
| All | 0.11% |
**APY = Annual Percentage Yield. Rates may change after account is opened. A penalty may be imposed for early withdrawals.
Business Checking
| Balance Tier | APY** |
|---|---|
| $1,000.00 to $14,999.99 | 0.07% |
| $15,000.00 to $44,999.99 | 0.14% |
| $50,000.00 to $99,999.99 | 0.21% |
| $100,000.00 to $249,999.99 | 0.28% |
| $250,000.00 and greater | 0.35% |
**APY = Annual Percentage Yield. Rates may change after account is opened.
Business Money Market
| Balance Tier | APY** |
|---|---|
| $0.01 to $99,999.99 | 0.25% |
| $100,000.00 to $249,999.99 | 1.50% |
| $250,000.00 to $399,999.99 | 3.00% |
| $400,000.00 and up | 4.00% |
**APY = Annual Percentage Yield. Rates may change after account is opened.
Business Certificates
| Term & Minimum Deposit | APY** |
|---|---|
| 3 Months, $500 minimum | 2.05% |
| 6 Months, $500 minimum | 2.55% |
| 12 Months, $500 minimum | 3.15% |
| 18 Months, $500 minimum | 3.30% |
| 24 Months, $500 minimum | 3.30% |
| 30 Months, $500 minimum | 3.30% |
| 36 Months, $500 minimum | 3.30% |
| 48 Months, $500 minimum | 3.15% |
| 60 Months, $500 minimum | 3.15% |
| Add-On Certificate | |
| Add-On (6 Month) | 2.55% |
**APY = Annual Percentage Yield. Penalty for early withdrawal may apply.
Frequently Asked Questions
What documents are needed to submit a loan request?
Conventional Loan requirements include:
- Two Years Business Tax Returns
This includes the borrowing entity as well as any affiliated company in which you/your partners own at least 20%. - Two Years Personal Tax Returns (for any principle owner 20%+)
- Most recent interim financials, if available
- Rent Roll/Cash Flow Projections/Pro-forma Financial Statements for the property if available
- Signed leases and financial information on the tenants if available
- Any Purchase Contract Addendums
- Current Personal Financial Statements (PFS) for all partners. If you already have a PFS, please attach and sign/date the attached one as well (on our form), but we can use the one you already have as the supplement.
- Business Debt Schedule (attached in the application) for all business related debt for all partners. Each person can fill out one as applicable.
- Management Resume/bio for all owners (you can either use the form in the application or attach resume)
- Any details on the ownership structure, including the Operating Agreement and Articles of Incorporation.
Note: This is a general list, dependent on the type and complexity of each transaction, and are subject to change.
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 rate
- Legal name of business and type of business
- Business Entities & Organizations 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 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?
Conventional Loan requirements include:
- Two Years Business Tax Returns
This includes the borrowing entity as well as any affiliated company in which you/your partners own at least 20%. - Two Years Personal Tax Returns (for any principle owner 20%+)
- Most recent interim financials, if available
- Rent Roll/Cash Flow Projections/Pro-forma Financial Statements for the property if available
- Signed leases and financial information on the tenants if available
- Any Purchase Contract Addendums
- Current Personal Financial Statements (PFS) for all partners. If you already have a PFS, please attach and sign/date the attached one as well (on our form), but we can use the one you already have as the supplement.
- Business Debt Schedule (attached in the application) for all business related debt for all partners. Each person can fill out one as applicable.
- Management Resume/bio for all owners (you can either use the form in the application or attach resume)
- Any details on the ownership structure, including the Operating Agreement and Articles of Incorporation.
Note: This is a general list, dependent on the type and complexity of each transaction, and are subject to change.
**APY = Annual Percentage Yield. Rates may change after account is opened. A penalty may be imposed for early withdrawals.
*Product offers, rates, terms, and other information provided herein are subject to change without notice. Due to the occasional inaccessibility to our website which may be beyond our control, Service One Credit Union cannot guarantee the completeness or accuracy of the information provided herein. To verify current offers and rates, please call any Service One Credit Union location.
1 Startup Business Loans are subject to credit approval and require a personal guarantee. Industry restrictions apply.
2 Business Money Market and Certificate accounts are subject to standard membership qualification criteria. Business CDs require a $500 minimum opening deposit. Early withdrawal penalties may apply to certificate accounts.