Business Line of Credit
A business line of credit gives your business access to cash, whenever you need it,
up to a pre-specified amount. The main advantage of a line of credit is flexibility.
Funds will always be available to you, when you need them, but you pay no interest
until you draw on the line. This makes a line of credit an excellent resource to have
at your disposal in case of an emergency. Your line can be secured or unsecured, with
multiple repayment options, and a variable interest rate.
A business line of credit is great for a variety of ongoing or short-term financing needs.
Use the funds to improve your cash flow, purchase inventory, materials and equipment.
Revolving credit lines are also very useful to use as overdraft protection on a business
Current Prime Rate = 5.50%
- Maximum loan: $250,000
- 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 TFCU branch or
mail to: Business Lending Department, TFCU, PO Box 9005, Smithtown, NY 11787-9005.
Your business must have longevity of at least one year to complete this application.
- TFCU 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 TFCU Business Development Officer at 631-698-7000 x 1687 or at firstname.lastname@example.org.
Loans are subject to credit approval.
Business owners must be members or eligible for membership at TFCU
and must provide personal guarantees for loan request.
Rates subject to change.