Commercial Term Loans
Term financing is an affordable way to get the things your business needs without using valuable working capital. Whether it is a piece of equipment that will help get things done more efficiently or a new vehicle to expand your business fleet, we can help you finance the purchase. With fixed or variable (*prime-based) repayment terms, we can find a solution that will fit your cash flow situation and get you what your business needs today!
Understanding the different options available will ensure you’re financing using the best product based on the individual need, timing of repayment, frequency of turnover and type of fixed asset being purchased. Short term financing is available to help you build up inventory in advance of your busy selling season.
Intermediate financing is best suited to purchasing assets with a shorter life expectancy. Examples of this type of loan may be for the purchase of computer equipment or security systems, etc. where the frequency of redundancy requires the frequent re-acquisition of this type of equipment.
Long term loans may assist with major equipment purchases or debt restructuring.
Loans are available for terms up to the length of the economic life of the equipment being financed (maximum 7 years). We’ll work with you to determine what size of payment your business can manage while trying to keep the cost of borrowing as low as possible. We understand that every transaction is unique and we’re here to find the financing solution that works for you. We’ll help you incorporate different payment options into your revenue forecasting to ensure the payment is manageable for your business.
We’ll need to see some documentation to get started on the approval process**. Please be prepared to provide the following:
- Up to three of the most current business year-end financial statements
- Confirmation that all CRA business taxes and HST filings are up to date and no taxes are owing
- Rent roll or lease agreements (if applicable)
- Copies of documents relating to the purchase or refinance (purchase order, quote and a detailed description of the item being purchased or loan purpose.)
- Personal identification (two pieces of legal ID including one photo ID)
- Description and history of your business, cash flow projections, etc.
Don’t have something listed above? Don’t worry. We’ll see if we can find a workaround because we’re here to help you.
Please contact one of our commercial lending professionals today. We are committed to providing you with a timely response.
*"Prime" is Ukrainian Credit Union Limited’s prime lending rate.
**All credit requests are subject to credit approval. Loan amounts and interest rates will be determined based on member’s request and UCU’s assessment of the application. Some conditions and restrictions may apply.
***Application fees (minimum 1% of the requested loan amount) will apply.