Business Services FAQs
What business services are offered by L&N Federal Credit Union?
L&N Federal Credit Union offers several business products and services typically used by most small to medium sized businesses including but not limited to the following: Checking Accounts, Savings Accounts, Term Loans, Lines of Credit, Merchant Services processing, Electronic Check Conversion and various on-line services.
What information is required when opening a business checking account?
The required business entity documentation varies depending upon the type of business entity involved. Various types of entities include the following: Sole Proprietorships, Partnerships, Limited Liability Companies (LLC), S-Corporations, C-Corporations and Associations or Organizations. Proper identification and authorization documentation is needed to accurately identify the business and its authorized signers.
What kind of business checking accounts does L&N offer?
L&N offers two (2) types of business checking accounts:
Free Business Checking: Intended for small businesses that need a full array of checking account services but who have a lesser number of transactions per month and do not want to worry about fees.
Preferred Business Checking: Intended for larger businesses that need a full array of checking account services with a larger number of transactions per month and want to be able to earn dividends on their account balance
Business Savings Accounts: Businesses can invest in the Money Market Accounts and Share Certificate Accounts offered by L&N Federal Credit Union
What types of business loans does L&N Offer?
Term Loans: Fixed & Floating rate Term loans are offered for owner occupied and investment real estate, equipment and business vehicle acquisitions.
Lines of Credit: Floating rates, secured lines of credit are available to help support fluctuations in cash flow and operational needs.
Business Vehicle Loans: Various vehicle Loans are available and structured to meet a variety of needs.
What information is required when requesting a loan?
Business Loan underwriting requires historical financial data on the borrowing entity and all guarantors. Most commonly, 3 years Federal Tax Returns and a current Personal Financial Statement, a current Credit Bureau report on each guarantor will be requested. Depending upon the type of loan requested, additional information may be requested.
What are business loan rates?
Rates vary depending upon various risk factors including but not limited to the following:
Loan term, Loan Type & Structure, Collateral Type, Loan to Value, Financial Strength of the borrower and its guarantor(s), etc. (For specific discussion on rates, contact the Business Services Department)
Do the Business Loans offered by L&N require my personal guaranty?
Yes, most business loans require the personal guaranty of all guarantors.
