Business Loans

Financing features
Competitive interest rates
Choose from variable or fixed interest rate small business loans to suit your financing needs.
Variety of loan terms
Flexible loan terms with options of up to 5 years and loan amortization periods of up to 10 years.
Finance solutions
To finance business assets such as machinery or company vehicles and to refinance or restructure existing debt or finance leasehold improvements.
Flexible repayment terms
Weekly, bi-weekly, semi-monthly or monthly payment schedules are available.
Expert advice
To help in the start-up, growth or expansion of your business ensuring you make informed financing decisions every step of the way.
Customized loan features
We prioritize your success, working with you to find the loan solution for your business.
Business Loans: FAQs
It is a financial product offered by banks and credit unions to provide businesses with working capital for various purposes such as expansion, equipment purchase, or managing cash flow. It’s a type of financing that can help bridge the gap between your current resources and your business goals.
Requirements vary but commonly include a solid business plan, good credit history, collateral and proof of the ability to repay the loan. UCU loan specialists will assess these factors to gauge the creditworthiness and financial stability of the business seeking the loan.
There are several types including flexible terms, equipment financing, invoice financing and merchant cash advances. Each has its own terms, interest rate, and repayment schedules, catering to the diverse needs and preferences of each business.
The interest rate will vary depending on factors like the type of loan, your credit score, the amount you want to borrow, the loan term and the current market conditions.
Approval times can vary depending on the complexity of the application, and the type of loan. UCU will work with you to streamline the process and get you the fast and efficient decision you need to move your business forward.
We understand that waiting for a loan approval can put a strain on your small business operations. That’s why UCU is committed to providing a smooth and efficient loan application process. Our team will work closely with you to gather the necessary information and ensure your application is complete, helping to expedite the approval process.
Business loans can be used for a variety of purposes including expanding operations, purchasing inventory or machinery, hiring staff, marketing and managing cash flow. Flexibility in usage allows small businesses to address immediate needs and strategic initiatives that drive growth and competitiveness. Financing can be a way to reach your business potential and achieve your goals.
Collateral requirements vary depending on the type of loan. While some loans require collateral, others may be unsecured, particularly for businesses with strong credit histories. Offering collateral can bolster the credibility of the loan application and potentially lead to favourable terms.
If you’re unable to repay the loan, it could negatively impact your credit score and your business’s financial health. We understand that unexpected circumstances can arise. If you’re facing difficulty repaying your loan, reach out to UCU soon. Our team is here to help. We’ll work with you to explore potential solutions and find a path forward for your business.
Our UCU loan specialists will clearly explain our fee structure upfront, including any origination fees, application fees, closing costs and potential prepayment penalties. This ensures you have a full understanding of the total loan cost before making a decision.
Securing your business loan with valuable assets, such as equipment, can potentially qualify you for a lower interest rate. Your credit score plays a significant role in determining the interest rate you’ll receive. Focusing on improving your creditworthiness and offering collateral can be strategic steps toward securing a more favourable interest rate on your loan.
At UCU, we offer a variety of business financing solutions tailored to the specific needs of small businesses. Our loan options include term loans and equipment financing to help you cover various expenses and growth initiatives. Contact us to discuss your financing needs and explore how UCU can help your business thrive. We have experienced loan specialists who can answer your questions and guide you through the application process.
Loan repayment frequency refers to how often you’ll make scheduled payments toward your loan balance. This frequency is an important aspect of the loan repayment terms, alongside factors like interest rate, loan amount, and repayment term. You can make monthly payments, bi-weekly or weekly payments. You can also make lump sum payments, which are one-time payments that exceed the regular minimum amount due.