With a Closed End Loan, Teachers will give you an initial disbursement of funds that can be used for financing one-time expenditures. That means you can finance machinery and equipment, or get a term loan for working capital for your business – when you need it.
- Closed End Credit Current Prime Rate: 3.25%
- Maximum loan: $500,000
- Variable Interest Rate: Prime Rate + Margin, adjusted quarterly
- $500 packaging fee on term loans and line of credit loans $100,001 and above
To apply, print out the following forms and drop off at your nearest Teachers branch or mail to: Business Lending Department, Teachers, PO Box 9005, Smithtown, NY 11787-9005.
Your business must have longevity of at least one year to complete this application.
- Teachers Business Loan & Line of Credit Application
- Personal Financial Statement (For loans higher then $25,000)
- IRS Tax Return Transcript Request
For any help in completing this application or if your business has less then one year longevity, please call a Teachers Business Development Officer at 631-698-7000 x 1687 or at email@example.com.
Loans are subject to credit approval.
Business owners must be members or eligible for membership at Teachers and must provide personal guarantees for loan request.
RATES SUBJECT TO CHANGE.