What kind of Small Business loan meets your needs? The New York University Federal Credit Union offers a wide range of loan products for entrepreneurs operating retail businesses, restaurants, service and wholesale businesses, and light manufacturers. We also offer loans to small property owners that house 1 to 4 families and commercial spaces.
These loans can be used to:
Purchase inventory, supplies or materials
Acquire and/or improvement of machinery, equipment or real estate
Provide working Capital for growing businesses
Small Business Loans*
New York University FCU offers small business loans up to $250,000. We require collateral as a real estate property, equipment and etc. To be eligible for small business loans, businesses must first become a member of the credit union. You can join by making a share (savings) deposit of $50 or more and paying a membership fee of $10.
To apply for a Small Business Loan, applicants must provide the following:
Small Business Application Form Business Loan Application
Prepared Business Plan
Business Tax Returns and Personal Tax Returns of all business owners (last 3 years)
Business Financial Statements and Personal Financial Statement of all business owners (last 3 years)
Financial Projections (3 years)
Individual Personal Financial Statement (PFS) for business loans
On this loans we offer interest rates of prime plus 1.25% to prime plus 12% (currently 6.5%-17.25%*), depending on overall qualifications of borrower. To learn more about these services and securing a loan or line of credit for your small business, please contact Mira Ness at 212-995-3166, or email@example.com.
* Business owners are eligible for small business loans with interest rates ranging from prime plus 1.25% to prime plus 3.25% (6.5%-8.5%) presently*) when leaving on deposit a dollar amount of 50% to 100% of the loan proceeds as collateral in their NYUFCU business account.
NYUFCU offers microenterprise loans of up to $15,000. These loans are designed to increase access to credit and opportunities, especially for women and minorities. Microenterprise loans require 20% collateral (as a deposit in a new business account). The interest rates range from prime plus 7.74% to prime plus 12.74% (currently 12.99%-17.99% *), depending on credit score.
***Business owners are eligible for microenterprise loans with interest rates ranging from prime plus 1.74% to prime plus 4.74% (6.99% -9.99% presently*) when leaving on deposit a dollar amount of 50% to 100% of the loan proceeds as collateral in their NYUFCU business account.
SBA 7(A) LOANS
New York University Federal Credit Union partners with the Small Business Administration (SBA) to offer loans through its SBA 7(A) loan program. The proceeds of this loan can be used for:
To provide long-term working capital to use to pay operational expenses, accounts payable and/or to purchase inventory
Short-term working capital needs, including seasonal financing, contract performance, construction financing and exporting
Revolving funds based on the value of existing inventory and receivables, under special conditions and more.
To learn more about the 7(A) SBA loan program please click here.
To learn more about these services and a loan options for your small business, please contact Mira Ness at 212-995-3166 or firstname.lastname@example.org