Business Loans at Sentinel Federal Credit Union
Welcome to Sentinel Federal Credit Union, where we empower local businesses with the financial tools they need to thrive. Whether you’re starting a new venture, expanding an existing business, or managing day-to-day operations, our tailored business loan solutions are designed to meet your unique needs and help you achieve your goals.
Who Can Join? - Anyone who lives, works, worships, or attends school, or is a business or other legal entity in Pennington, Lawrence, Meade, Custer, Lyman, Todd, Tripp, Gregory and Mellette counties in South Dakota can join us.
- Commercial Lending
- Agriculture Lending
- Real Estate Loans
- Operating Lines of Credit
- Competitive Rates
- Local Expertise
- Flexible Terms
- Equipment Financing
Get Started On Your Business Loan Today
To get started on your business loan, please complete the Personal Financial Statement and forward to our business lending department. Our Business Loan Officer will contact you soon.
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Business Loan FAQs
The approval process can vary depending on the type and amount of the loan. Generally, you can expect a decision within a few business days to a few weeks. Our team strives to provide a timely response and keep you informed throughout the process.
Sentinel Federal Credit Union provides a variety of business loan options to support different needs. These include term loans for significant purchases or long-term investments, lines of credit to manage daily expenses and seasonal fluctuations, commercial real estate loans for acquiring or improving property, equipment financing to purchase or update machinery, and SBA loans, which benefit from favorable terms backed by the Small Business Administration.
Applying for a business loan requires several key documents. You'll need to complete a loan application form with detailed information about your business and loan request. Additionally, recent financial statements, such as profit and loss statements, balance sheets, and cash flow statements are required. A comprehensive business plan outlining your business model, market analysis, and financial projections is also necessary. Personal financial statements for business owners, including personal credit history and assets, and recent business and personal tax returns are also part of the application process.
Interest rates and terms vary based on the loan type, amount, and your business’s financial profile. We offer competitive rates and flexible terms tailored to your specific needs. Contact us for a personalized rate quote and term options based on your business situation.
To be eligible for a business loan, you'll generally need to meet criteria such as having a good credit history, though we assess all aspects of your financial background. We also look for a well-developed business plan that includes your goals and financial projections, recent financial statements like balance sheets and income statements, and possibly collateral depending on the loan type.
Many of our business loans allow for early repayment without penalties. However, specific terms regarding early repayment can vary depending on the loan agreement. We encourage you to review your loan agreement or speak with one of our loan officers to understand any conditions related to early repayment. We support early repayment when it aligns with your business’s financial strategy.
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