Business
Loans
Your business matters. That’s why Tongass Federal Credit Union is ready to stand behind you and assist you with all of your business lending needs. We will work together to help you grow your business and reach your goals.
Business
Boat Loans
Commercial Fishing Boat Loans
New, used, pre-approvals, refinances
Engine repairs
Upgrades
Other business purposes
Maximum terms based on boat type, age & condition
Individual Fisherman’s Quota (IFQ) Loans
Purchase or refinance
Terms up to 15 years
Up to 50% of value
Charter Boat Loans
New, used, pre-approvals, refinances
Engine repairs
Upgrades
Other business purposes
Maximum terms based on boat type, age & condition
Business
Real Estate Loans
Rental Property
Financing available for all types of 1 – 4 family, non-owner occupied, and investment/rental property.
Condominiums
Remote Property
Financing may be for purchases or refinances
Fixed and variable rates
Varying terms amortized up to 20 years
General Commercial Property
Retail establishment
Warehouse
Business condominiums
Financing may be for purchases or refinances
Fixed and variable rates
Varying terms amortized up to 20 years
Business
Lines of Credit
Working Capital Lines of Credit
Business owners typically purchase inventory or provide services before they begin to receive income from sales or payment from services. A working capital line of credit improves cash flow until sales or receivables come in. The line of credit is then paid down.
Easy to access
Revolving credit limit
Various collateral types
Annual renewals
Commercial Real Estate Secured Lines of Credit
Includes all commercial property types
Up to 3-year renewal term
Up to 80% of real estate value
Residential Rental Property Secured Lines of Credit
Includes all rental property types less than 5 units
Mobile homes in commercial parks are not eligible
10-year draw period (can be renewed)
Followed by 12-year repayment period
Up to 80% of real estate value
Other Secured Lines of Credit
Accounts Receivable (Up to 80% of A/R value)
Inventory (Up to 60% of inventory value)
Equipment (up to 50% of equipment value)
Annual renewals
Additional
Business Loans
Vehicle Loans
Light cars, trucks, vans, SUVs
Purchases or refinances
Repairs or other business purposes
Term financing up to 7 yrs
Low fixed rates
Up to 100% financing of purchase price or NADA
Aircraft Loans
Various terms are available
Purchases or refinances
Repairs, upgrades or other business working capital needs
Up to 75% financing of purchase price or market value
Equipment Loans
Various rates and terms available
Dump trucks, tow trucks, flat beds, fleet vehicles
Heavy operating equipment such as backhoes, lifts, excavators etc.
Restaurant equipment
Medical equipment
Purchases or refinances
Repairs, upgrades or other business working capital needs
Up to 75% financing of purchase price or market value
Business
VISA®Rewards Credit Card
9.95% APR*
Rewards
No Annual Fee
Instant Issue (no need to wait on your card, we print them instantly in branches)
VISA® Protection Benefits**
*Annual Percentage Rate, on approved credit. **Ask us for details.
Business Loan Partnerships
TFCU works with business loan guarantors and participation partners to expand our ability to provide financing when we may not otherwise be able to accommodate your request. To know if a guaranteed or participation loan option is right for you, please speak with our business lending team. Some of our partners include:
U.S. Small Business Administration (SBA)
Evergreen Business Capital
Bureau of Indian Affairs (BIA)
United States Department of Agriculture (USDA)
How to Apply for a Business Loan:
If you're an Established Businesses:
Complete a TFCU Business Loan Application.
Provide a Profit and Loss Statement and a Balance Sheet: Provide a current year-to-date earnings statement and current balance sheet listing all assets and liabilities of the business (no personal items).
Provide the last two years Business Tax Returns. Please be sure they are complete copies with all attached schedules. Please sign and date copy.
Provide a Personal Financial Statement for each owner, partner or stockholder.
Provide the last two years Personal Tax Returns for each owner, partner, or stockholder owning 20% or more of the business. Please sign and date copies.
If you're a New Businesses:
Complete a TFCU Business Loan Application.
Provide a copy of your Business Plan complete with projected income and expenses.
Provide your resume or a letter describing the experience and management capabilities for each prospective owner, partner or stockholder to own 20% or more of the business.
Provide a Personal Financial Statement for each owner, partner or stockholder.
Provide the last two years Personal Tax Returns for each owner, partner, or stockholder owning 20% or more of the business. Please sign and date copies.
