Click a question to display its answer.
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.
Yes, an account must be opened in the name of the business.
All business loan applications are processed by the Business Services 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.
Generally, loan decisions will be made within 3-5 business days upon receipt of a completed loan application and supporting documentation. Refer to our Business Loan Checklist to avoid processing delays due to missing documentation.
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.
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.
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.
To access a Business Line of Credit, please contact the Business Services Department at 845.463.3011 x2270, Monday – Friday 8 am – 5 pm.
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.
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.
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.