Pelican State Credit Union wants to invest in you, our local members. Apply for a Business Loan and take your thriving business to the next level.
Finance your way to fame or fortune. And, sell to a larger audience – not sell out. Work with a community credit union that cares about your success, rather than what we stand to profit.
- SBA Loans
SBA 7A Loan Programs
Understanding that business needs are unique, the Small Business Administration (SBA) loan programs are available so that you have access to a variety of loan options, competitive pricing, and often faster processing. These loans are government-guaranteed and help businesses start, expand and prosper. They are known for their flexibility in loan structure, variety of proceed uses and availability of funds.
The maximum loan amount is $5 million gross with up to 25 years maturity for real estate and 5 - 10 years for working capital, machinery and equipment loans.
- Long-term financing
- Improved cash flow
- Fixed maturity
- No balloon demands
- No prepayment penalties (under 15 years)
SBA 504 Loan Programs
The SBA 504 loan program is a long-term, fixed rate, government backed guaranteed loan that meets the needs of business borrowers like you who want to expand, modernize, or construct. These loans require you to have as little as 10 percent down and we offer a maximum loan amount of $5,000,000.
These loans are often used for:
- Purchase of land, including an existing building
- Purchase of improvements, including grading, street improvements, utilities, parking lots and landscaping
- Construction of new facilities or modernizing, renovating or converting and existing building or facility
- Purchase of long-term machinery and equipment (ex. Manufacturing machines)
- Limited debt refinance
- USDA Loans
USDA Loan Programs
Who May Borrow?
A borrower may be a cooperative organization, corporation, partnership, or other legal entity organized and operated on a profit or nonprofit basis; an Indian tribe on a Federal or State reservation or other federally recognized tribal group; a public body; or an individual.
Individual borrowers must be citizens of the United States (U.S.) or reside in the U.S. after being legally admitted for permanent residence. Corporations or other nonpublic body organization-type borrowers must be at least 51 percent owned by persons who either are citizens of the U.S. or reside in the U.S. after being legally admitted for permanent residence. B&I loans are normally available in rural areas, which include all areas other than cities or towns of more than 50,000 people and the contiguous and adjacent urbanized area of such cities or towns.
For what purposes can a USDA loan be used?
- Business and industrial acquisitions when the loan will keep the business from closing, prevent the loss of employment opportunities, or provide expanded job opportunities.
- Business conversion, enlargement, repair, modernization, or development.
- Purchase and development of land, easements, right-of-ways, buildings, or facilities.
- Purchase of equipment, leasehold improvements, machinery, supplies, or inventory.
What are the loan amounts?
- Real estate will not exceed 30 years
- Machinery and equipment repayment will not exceed the useful life of the machinery and equipment
- Purchased with loan funds or 15 years, whichever is less and
- Working capital repayment will not exceed 7 years
What are the Interest Rates?
The interest rates for the guaranteed loans are negotiated between the lender and the applicant and may be either fixed or variable as long as it is a legal rate. Interest rates are subject to USDA Agency review and approval. The variable interest rate can be adjusted at different intervals during the term of the loan, but the adjustments may not be more often than quarterly.
Is Collateral Required?
Yes. Collateral must have documented value sufficient to protect the interest of the lender and the Agency. The discounted collateral value will normally be at least equal to the loan amount. Lenders will discount collateral consistent with sound loan-to-value policy.
USDA- Rural Community Facilities Program
Community Facilities Programs provide loans, grants, and loan guarantees for projects to develop essential community facilities for public use in rural areas. This may include:
- Fire protection
- Public safety
- Day care centers, as well as many
- Other community-based initiatives
Community Facilities Programs can make and guarantee loans in rural areas and towns of up to 20,000 in population. Loans and guarantees are available to public entities such as municipalities, counties, parishes, boroughs, and special-purpose districts, as well as to non-profit corporations and tribal governments.