Business Term Loans
Ease your cash flow with a loan term up to seven years.
- Apply Now
Business Term Loans Benefits
- For virtually any business purpose
- Terms up to 7 years
- Loan amounts range from $20,000 to $3,000,000
- Rates are fixed (maximum 5 years) and variable rates are available
- Points are 1% or less, payable at closing
- Security interest required
Joining DCU was a great step in the growth of the business. Having all the features of larger banks, with excellent customer service, lower fees, if any, and without any sacrifice of any kind!
— Bill18, Merrimack, New Hampshire
Business Term Loans
Ease your cash flow with a loan term up to seven years. Choose a low fixed (maximum 5 years) or floating rate that fits your needs. Get your project started on the right foot and take advantage of up-front interest-only periods. 100% financing may be available in certain circumstances. DCU's Business Term Loans can be used for any business purpose including . . .
- new machinery and equipment
- remodeling, renovation, or expansion projects
- business acquisition
- leasehold improvements
- rental equipment
- permanent working capital
- debt refinancing
Business Term Loan Features
- DCU's Business Term Loans are secured term loans.
- Loan amounts range from $20,000 to $3,000,000.
- Points are 1% or less payable at closing.
- Rates are fixed (maximum 5 years) and variable rates are available*.
- Terms up to 7 years.
- Business Term Loans will be supported by the personal guaranty of the business owner(s).
- Repayment: monthly level payment including principal and interest, or a fixed principal payment plus the monthly interest can be chosen.
- Collateral: first position on assets to be financed and/or on all business assets.
- Collateral Loan to Value: up to 80% (up to 100% financing may be available based upon additional collateral).
- Reduced payment periods of up to three months per year are available upon request.
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.
Business Term Loan Minimum Requirements
- 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 (loan to value), NOI (net operating income), and the type and condition of the property.
Business Term Loans is rated out of 5 by 6.
Rated 5 out of 5 by Keen Grounds from Commercial vehicle loan Dcu has really helped my business grow by giving my business the credit it needed to purchase new equipment. The experience was great and the customer service was excellent. We will be using DCU for all our companies banking needs moving forward
Date published: 2018-10-06
Rated 5 out of 5 by Arthurb from Quick App. I thank DCU for helping me in my business the quick app is what it says the loan person who help me complete my loan was excellent treated me like a person and she was very professional and very nice to work with did not pound me with unessasary documents straight quick to the point and I won't to thank DCU for all the help in the past I'm glad to DCU nowing they have my back DCU gave me a loan back in late 2009 for my business we all now what kid of a year that was I had promised DCU I would not fail on that loan in those bad times and I did not fail again Great Bank great people I Can't Thank The Bank Enough yours truly Art
Date published: 2016-02-29
Rated 5 out of 5 by TimB from DCU is competitive and easy to work with I've worked with the DCU for over 35 years. You've always been pleased with the terms, flexibility and ease of working with the DCU.
Date published: 2014-03-03
Rated 5 out of 5 by CMGeeks from Business Auto Loan We applied for our first Business Auto Loan. DCU processed our application very quickly, professionally and gave us a great rate. Great experiance I would highly recommend the DCU to any business or individual.
Date published: 2013-08-18
Rated 5 out of 5 by DBuck87 from Great underwriting turnaround all within the same day. It has always been a pleasure to bank with DCU. They have outstanding programs and services many people lack to know. Never again will I use any other bank or credit union. However, the one downside for me is, I wish they had a branch in Haverhill, Ma.
Date published: 2013-03-16
Rated 1 out of 5 by TimB from [email protected] different contact persons, [email protected] different application forms, long term around timeframes, no follow through I've never experienced such disorganization, lack of understanding of what the process should be and what forms are needed, lack of follow through and having to repeate and provide information multiple times. In the 25+ years I've been with the DCU this is the worse experience I've ever had.
Date published: 2012-07-23
Why are loans not available to Vermont businesses?
Hi DCU, You've had our (Vermont) business checking/savings accounts for years. Why, oh why, are we not eligible to get a business loan from you? As usual, DCU was our first stop for financial services. Very disappointed. Regards, DCU member since 1980
I am sorry to learn we were unable to meet your Business Lending needs. Business loans are only offered in Massachusetts, New Hampshire, and Rhode Island, with the exception of Business Vehicle loans.
Date published: 2013-10-23
"DCU is Very Helpful and Convenient"
I have been a DCU member for 27 years and have never been disappointed. That is why I went to DCU to help with my new business account.
— Bob, Hollis, 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.
"Great underwriting turnaround all within the same day."
It has always been a pleasure to bank with DCU. They have outstanding programs and services. Never again will I use any other bank or credit union.
— Buck87, Haverhill, MA
- 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.