Ready for a bank willing to help build your business? In the area of commercial lending services, our strength is two-fold: our flexibility and experience in designing the right financing packages and our practice of developing solid banking relationships.
Business Village Reserve
A credit line linked to your business checking account, in case you accidentally overdraft the account. Should your account go negative, Business Village Reserve will advance funds to cover the overdraft. You will not receive an NSF charge, but will have to pay back the advanced amount with interest, a charge that is usually significantly less than the fee.
Lines of Credit
In addition to the Business Village Reserve to cover the occasional overdraft, a company may also seek a Line of Credit for seasonal or other working capital needs. All lines of credit are reviewed annually and are on demand. Therefore, annual financials are required, and the Bank can make amendments as needed based on credit-worthiness. Lines of credit are tied to the WSJ Prime Rate plus a margin determined by lending. Lines of credit can be used and paid back without penalty.
A business owner may need a term loan when purchasing or refinancing equipment (i.e. machinery, computers, phone systems, etc.). We will lend on a percentage basis of the collateral which may change depending on the collateral type. Terms can be set at 5, 7 or 10 years and will amortize on a daily interest calculation.
Time loans are used for the same purpose as a term loan, but are written in short-term increments of 30, 60, or 90 days. Payment is due in full at that time. A time loan can also be written for short-term financing on an unsecured basis when the Bank is working on a larger transaction.