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.

 
Image

Business

Boat Loans

Whether its for commercial or charter fishing, TFCU has a boat loan for your business!

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

Image

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

Image

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

Image

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

Image

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.

1 Subject to the terms and conditions detailed in the Guide to Benefits. Participating merchants on BaZing are not sponsors of the program, are subject to change without notice, may not be available in all regions and may choose to limit deals.

2 Insurance products are: NOT A DEPOSIT. NOT FEDERALLY INSURED, NOT AN OBLIGATION OR GUARANTEED BY THE CREDIT UNION, ITS AFFILIATES, OR ANY GOVERNMENT AGENCY.

3 Based on approved credit.

Image