What loans BECU offers
The lender has four small business loans on offer:
- Term loans
- Vehicle loans
- Lines of credit
- Commercial real estate loans
How BECU works
BECU has a range of different terms and rates depending on what loan you take out. Basic information includes:
Term Loans
- Borrow between $10,000 and $250,000
- Interest rates start from 2.81%
- Repayment terms up to 84 months
- No origination fees
Commercial vehicle loans
- Borrow up to 100% of the vehicle’s value
- Terms up to 72 months
- On vehicles up to two years old, interest rates start at 2.99%
- On vehicles more than two years old, interest rates start at 3.74%
- No origination fees
Lines of credit
- Borrow between $2,500 and $100,000
- Interest rate of 9% on amounts borrowed up to $9,999
- Interest rate of 5% on amounts borrowed above $10,000
- Annual fees between $50 and $100
Commercial real estate
- Borrow between $250,000 and $15 million
- Rates and repayment terms are disclosed on the application
All business loans will also be subject to late charges of $25 per payment.
How do I qualify for BECU?
Only members of the credit union are able to access its business loans. Membership is open to anyone living in the state of Washington, one of 10 counties in Oregon, or one of 10 counties in Idaho. Your business must also be registered in one of these areas. The lender doesn’t provide any additional information on qualifying criteria, other than stating that your creditworthiness will be a consideration.