FlexLine Business Line of Credit
Convenience of a credit card without high commercial rates.
- Apply Now
FlexLine Business Line of Credit Benefits
- Demand revolving line of credit
- Loan amounts range from $25,000 to $3,000,000
- No line access fees
- Two repayment options
- Points are 1% or less, payable at closing
- Security interest required
We just closed on a business LOC. Our experience with Heather Storme throughout the application process and closing was exceptional. Heather is knowledgeable, responsive and provides an excellent level of service. We look forward to working with DCU.
— HN, Burlington, Massachusetts
FlexLine Business Line of Credit
A FlexLine Business Line of Credit means you can design your own payment plan by choosing to make interest-only payments, or payments of interest with principal. Access to your funds is easy. Write a check, use Online Banking or Mobile Banking transfers, use Easy Touch Telephone Teller, or order a wire transfer. Best of all, we offer low line of credit interest rates as low as Prime plus 1%.
- A secured, demand revolving credit facility.
- Loan amounts range from $25,000 to $3,000,000.
- No line access fees
- Points are 1% or less payable at closing.
- Rates generally float at Prime + 1% to Prime + 5% depending on credit worthiness (minimum 4%)*.
- Requires personal guaranty of the business owner(s).
- Repayment: interest-only or interest plus 3% of principal balance per month can be chosen.
- Option for 2 to 3-year revolving line followed by 2 to 3-year amortization.
- Collateral: first position lien on all business assets (except vehicles).
- Collateral Loan to Value: varies based on the nature of the collateral. All loans must be secured. Federal regulations allows us to loan up to 80% of the value of the collateral.
- Must have a DCU Checking Account during the life of your FlexLine.
As with all financial institutions, the borrower will pay all fees and expenses relating to the loan. Fees may include, but are not limited to, application fee, appraisal fee, attorney fees, recording fees, and any other fees that are normal to this type of transaction. All fees and expenses will be estimated for you prior to closing.
- Company must have been in business for 18 months or more.
- Business must be located in Massachusetts, New Hampshire, or Rhode Island.
- Personal and Business Credit must be satisfactory.
The rates, terms, and conditions above are guidelines and may not apply in certain situations. A DCU Representative will discuss any variations with you. Rates, terms, and conditions are subject to change without notice.
*The interest rate is determined by numerous factors including personal credit history, financial strength of the principals, experience of management, LTV, NOI (net operating income), and the type and condition of the property.
FlexLine Business Line of Credit is rated out of 5 by 1.
Rated 5 out of 5 by HN from Excellent experience We just closed on a business LOC. Our experience with Heather Storme throughout the application process and closing was exceptional. Heather is knowledgeable, responsive and provides an excellent level of service. We look forward to working with DCU.
Date published: 2011-12-17
Possible to use U.S. Gold Eagles as collateral?
Folks, I am interested in the possibility of applying for a business loan. Could I use U.S. Gold Eagle coins as collateral? If so, how would that work? Would I store them with you?
We currently do not offer any Consumer Loans that would allow you to borrow against the value of your U.S. Gold Eagle coins. Consumer Loan options available that are collateral based include Auto, Stock, Savings, and Certificate secured loans at this time. You may also borrow against the available equity in any home you own in the US as a Home Equity or Mortgage.
Date published: 2013-10-23
Flexline Business Credit
I have been using the DCU Business account for the past 4 years. The business is located in CA. Though I have requested DCU in the past for a Flexline credit for operating the business, I was told that such facility was available only for the entities registered within RI, MA, NH. Is there a way that you can extend this benefit to other smaller business entities, but that exist in other states also?
DCU is only able to offer Business Loans in Massachusetts, New Hampshire, and Rhode Island. A DCU Home Equity Loan or Line of Credit is recommended through your Personal Membership if you own your own home and have available equity.
Date published: 2013-10-23
This question pertains to the FLEXLINE BUSINESS CREDIT loan. Will DCU accept real estate notes as collateral for a Flexline Business Credit line?
Loans will generally be secured by all business assets. At times, real estate equity may be required. For more detailed information you may reach a Commercial Lending Specialist by phone at (800) 328-8797.
Date published: 2018-09-15
Business Loan Collateral
Folks, I asked a question previously about using U.S. Gold Eagle coins as collateral for a BUSINESS loan, but you must have misread my question because you answered the question with respect to a CONSUMER loan. Does your answer also apply to a business loan?
DCU does not offer any Consumer or Business loans that currenly use U.S. Gold Eagle coins as collateral.
Date published: 2013-10-26
"Awesome Product, Great People"
The product is great, it helps save money with no fees. And the people are very nice to deal with.
— JimM7, Manchester, New Hampshire
Easy Ways To Apply Today
- Loans of $250,000 or less Complete and submit the QuickApp for Business Loans.
- Loans greater than $250,000 Call the Commercial Loan Department at 508.804.9188 or 800.328.8797, extension 9188.
- For business vehicle loans for any titled vehicle Complete and submit the QuickApp for Business Vehicle Loans.
If you have any questions, please consult our Frequently Asked Questions page or, don't hesitate to call us.
Please visit the Resources Tab to access all of our QuickApps and business forms.
All business should be run with the same commitment to doing the right thing for their customers.
— Debbie, Boston, Massachusetts
- Sole Proprietor Application (Business Account) (.pdf format)– If you are in DCU's field of membership you can open a DCU Business Account.
- Partnership, Limited Liability Partnership/Company, Corporation Application (Business Account) (.pdf format) – If all partners in your Partnership, members of your Limited Liability Company or stockholders or your Corporation are within DCU's field of membership, you can open a DCU Business Account.
- QuickApp for Business Loans (.pdf format) – Apply now for a loan for your business (includes business owner-occupied mortgages less than $500,000).
- QuickApp for Business Vehicle Loans – Apply now for a Vehicle (or any titled vehicle) Business Loan.
Business Related Forms
- Authorization to Obtain Financial Services – DCU requires the authorization of either all business owners or of the duly elected secretary authorized to act on their behalf in order to act on an application for membership. Please use this form if you do not have an existing resolution to provide.
- Business Account Change Form (.pdf format) – Members with existing DCU business checking and savings account use this form to change account information.
- Certification of Ultimate Beneficial Owners (.pdf format) – Must be completed by the person opening a new account on behalf of a legal entity
- Commercial Loan Payoff Request Form (pdf format) – Use this form to request a Commercial Loan Payoff.
- Personal Financial Statement Form (.pdf format) – Use this form when applying for a DCU Business Loan.
- Property Rent Roll and Operating Data Form (.pdf format) – Use this form when applying for a DCU Commercial Real Estate Mortgage.
- Starting or Buying a Business – You will need a business plan if you are: starting your own business, buying a business or franchise, in business for less than 18 months.
- StreetWise Glossary – Glossary of financial terms.
- How to Make Your Loan Payment – We make it easy to make your loan payment. Find out more about our convenient payment options.