Business Banking Solutions

Your Beacon for Business.

  • Flexibility- Borrow from $25,000 up to $2,000,000
  • Speed - Get approved within 3 days
  • Low Fees - Closing fees as low as ½% and no pre-payment penalties
  • Rates- We offer highly competitive, risk-based rates
  • Cost- There is no fee to apply for a loan

Quite simply, Liberty Bay Business Solutions makes small business banking more personal, more professional and more affordable. As one of the largest credit unions in Massachusetts, we have the financial and human resources to provide you with all you need to run your business more efficiently. And as a credit union, our earnings are returned to our members in the form of lower rates and fees. That means that you will find us more economical than other small business offerings.

Business Services Available:

Our Commercial Lending products include:

Business Revolving Line of Credit: A cost-efficient way to finance your business' operating expenses. Your line of credit will be pre-approved and can be accessed when needed or can be deposited into your LBCU FREE Business Checking account.  The purpose of a line of credit is to provide a business with working capital, seasonal capital or to purchase or refinance short term assets.

Maximum Term: Two Years

Amortization: Interest payable monthly, principal balance due at maturity.

Maximum Amount:   Up to $250,000. (Unsecured up to $100,000)

Fees:  Closing fees are typically ½% minimum on amount financed.

Business Term LoanTo provide a business with permanent working capital to purchase or refinance long term assets or to make capital improvements to the business.

Maximum Term: Ten Years.

Amortization:  Principal and interest monthly, fully amortized over the term or the loan.

Maximum Amount:  Up to $1,000,000 (Equipment). Up to $100,000 (Vehicle)

Fees:  Closing fees are typically ½% minimum on amount financed.

Commercial Real Estate Mortgage Loans: The purpose of a commercial real estate mortgage loan is to provide a business with the funds to purchase or refinance a commercial property. A commercial real estate loan is one where the primary source of repayment is related to operation of the business or the sale or operation of real estate. The refinance of commercial real estate loan may also be used to make capital improvements to the business.

Maximum Term:  Twenty Five Years.

Amortization:  Principal and interest monthly, amortized over the term or the loan.

Maximum Amount:   Up to $2,000,000

Fees:  Closing fees are typically ½% minimum on amount financed

SBA Loans:

Loans from LBCU that are guaranteed by the Small Business Administration

We are pleased to announce Liberty bay Credit Union has been named “SBA Preferred Lender”.

This means a much shorter response time for our valued small business members. Under the Preferred Lenders Program (PLP), high-volume SBA lenders such as Liberty Bay Credit Union are delegated loan approval, closing and most servicing and liquidation authority, enabling them to make loan decisions more rapidly. To earn the PLP designation, lenders must establish a successful track record and display a thorough understanding of SBA lending policies and procedures.

Advantages of an SBA Program*

For-profit businesses that normally do not qualify under conventional lending standards may be eligible to apply under the SBA loan program

Lower down payments (as low as 10%)

Longer loan terms (up to 25 years) with no balloon provisions

Major types of SBA loans available:

  • 7(a) Loans
  • SBA Express Loans and Lines of Credit
  • Small Loan Advantage (SLA)
  • Export Express
  • SBA 504 Loans

All applicants are subject to SBA rules and regulations in effect.  For additional information, please refer directly to the SBA website at sba.gov.Apply for a Business Account with Liberty Bay Business Solutions today! Contact us today for more information on the right loan for your needs.

In addition to your application, you will also need to fill out a resolution at account opening. Download the appropriate resolution for your type of company below.

For more information on how Liberty Bay Credit Union can meet all your business banking needs, please contact:

Paul Gravellese
Vice President Business Solutions
(617) 439-6575

pgravellese@libertybaycu.org

 

1 Rates effective as of 03/1/2014and subject to change without notice. Subject to credit approval. Membership required. Certain restrictions apply. See credit union for complete details. Equal opportunity lender.

Free Business Checking Accounts / Business Debit Cards

With Business Checking, no minimum balance is required and there are no monthly service charges. What's more, Online Banking, Bill Pay, a MasterCard Business Debit card, E-Statements, and your first order of checks are all FREE!

Business Savings and Investment Accounts

  • Business Savings
    With a $5 minimum balance, this account entitles you to all the benefits of credit union membership, while earning dividends at an attractive rate.
  • Business Money Market
    Earn higher dividends with a money market account. Minimum balance is $2,500. Withdrawals on this account are limited.
  • Business Term Certificates
    Maximize your return on investment with a certificate of deposit. Available terms range from 3 to 60 months.