Business Loans FAQs

9ygweeoq7eppkyvmsdva+industrial_building

HVFCU offers the financing you need to expand, improve, or refinance your business.

As a local financial partner, HVFCU offers comprehensive solutions to help businesses become more efficient and profitable. We have a variety of commercial loan products with low rates and attractive terms, including business lines of credit, term loans, business credit cards and more.

Email us or stop into any of our branches for assistance.

Click a question to display its answer.

What is the definition of a business loan?

A business loan is defined as any extension of credit where the proceeds are used for commercial, corporate, business investment property, or venture or agricultural purposes.

Do business owners have to be members to obtain a business loan from HVFCU?

Businesses located in Dutchess, Orange, Ulster, or Putnam counties that have an HVFCU business account are eligible to apply for business loans. Eligible businesses include: Sole Proprietorship/DBA (Doing Business As), Corporation, Subchapter “S” Corporation, Limited Liability Company (LLC), Partnership, and Limited Liability Partnership (LLP). Businesses are also required to be in operation for more than two years.

Businesses that have been in operation for less than two years may qualify for a loan through the United States Small Business Administration (SBA). HVFCU is a certified lender for the SBA 7(a) Loan Guaranty Program and SBA Express Loans. Getting an SBA guarantee can make it easier for newer businesses to get funding.

How do I apply for a business loan?

All business loan applications are processed by the Credit Administration Department. Please contact us at 845.463.3011 x2270. You may also email us using our secure form. Additionally, you can print a hard copy of our Business Loan Application and submit it along with the required information listed. Additionally, if you are submitting an application for a credit card, please review our Credit Card Disclosure.

Are there restrictions as to how long a business must be in operation before applying for a loan?

Businesses are required to be in operation for over two years. However, businesses that have been in operation for less than two years may qualify for a loan through the United States Small Business Administration. To learn more about SBA loans, please refer to the information at the bottom of our Business Loans page.

Are borrowers required to personally guarantee business loans?

Yes, we require all business loans to be personally guaranteed.

What if I have special circumstances that fall outside of your business lending guidelines, as mentioned in the questions above?

We are always willing to discuss the needs of your business with you. Even though we may not be able to provide financing initially, we may be able to provide assistance that can help your business achieve its goals. You can call us at 845.463.3011 x2270 or contact us using our secure email form.

How are interest rates for business loans determined?

Interest rates are based on several factors, including but not limited to, your business relationship with HVFCU, your credit history, an assessment of the financial strength of your business, the type of loan, and the term of the loan.

For business credit cards, please refer to our Credit Card Disclosure for further information.

How are Business Lines of Credit accessed?

To access a Business Line of Credit, please contact the Credit Administration Department at 845.463.3011 x2270, Monday – Friday 8 am – 5 pm.

How are business loan payments processed after a loan is funded?

Business loan transactions are treated and processed the same as consumer loan transactions—in person with tellers at all branch locations, Contact Center, Bank by Mail, Internet Banking, MAGIC, Express Box, Branch Night Drops. ATM access will be offered to sole proprietors only since a sole proprietor is not a separate entity and is personally liable.

Are statements for personal accounts and business services issued separately?

Yes. A separate member number is issued for your business, therefore, you receive a separate statement from your personal accounts. If you would like to enroll in eStatements, simply enroll by selecting eStatements from the “eServices” menu.

Are there any fees associated with business loans?

There may be fees based on the loan product and / or loan amount you apply for. Additional fees may be assessed for items including, but not limited to, credit reports, Dunn & Bradstreet reports, UCC filing fees, etc. For information regarding fees on business credit cards, please refer to our Business Services Fee Schedule.

    © 2015 Hudson Valley Federal Credit Union

    PO Box 1071, Poughkeepsie, NY 12602-1071
    ph: 845.463.3011 / 800.468.3011

    Routing Number : 221979363
    HVFCU Prepaid Visa Routing Number: click here


    Unauthorized Access Warning – Access to Internet Banking is restricted to authorized HVFCU members only.