Whether you are an entrepreneur in search of financing to get your new venture off the ground, or you own and run an established small or medium sized business and you are looking for a commercial loan to help your company forge ahead into the future, the financial institution you partner with can make a huge difference in your outcomes. Advia Credit Union, which offers a broad range of commercial loan products, may have the small business lending solution you need to achieve success.
Advia Credit Union, which is a state chartered credit union in the state of Michigan, is one of the nation’s youngest credit unions — established in 2014. Before that gives members of the small business community pause, it is vital to understand that Advia’s founding represented growth; Advia Credit Union is the result of the merger of two very strong credit unions, namely First Community Federal Credit Union and E & A Credit Union. Both of these credit unions were formed in the 1930s, and became even stronger when they partnered.
Advia Credit Union is currently headquartered in Kalamazoo, Michigan, and serves members in Southern Michigan, as well as an increasing number of counties in the states of Wisconsin and Illinois. Today, Advia Credit Union manages over $2 billion in assets, and serves more than 190,000 members. Advia Credit Union, which is federally insured by the National Credit Union Association, operates a total of 29 physical branch locations in three states. As part of the CO-OP shared network and the Alliance One network, Advia Credit Union can offer members access to tens of thousands of surcharge free ATMs and shared branches throughout the United States.
If you are a small business owner or an ambitious entrepreneur, and you are seeking a commercial loan at especially favorable rates, there are numerous advantages to partnering with a strong and growing credit union. Not only does Advia Credit Union understand the local communities it serves intimately, the credit union will also take the time you get to know you and your business — with which comes the ability to offer a tailored financing solution at competitive rates, with low fees, and with excellent customer service.
Advia Credit Union places people, and specifically its members, at the very core of their mission as it follows its core values of driving progress and building and strengthening relationships. How might your business be able to benefit from joining Advia Credit Union? Discover what commercial loan products and other perks Advia Credit Union offers in this guide.
“Advia Credit Union offers a range of commercial lending options to businesses of all sizes”
What Does Advia Credit Union Offer?
Advia Credit Union is a full service credit union, chartered in the state of Michigan. This means that the credit union provides a comprehensive range of personal banking products and personal loan solutions, as well as a wide variety of commercial financing options like small business loans, small business lines of credit, equipment leasing and financing of course and business banking services. The rates and fees that Advia Credit Union offers are competitive, and flexible terms are available to small business owners who seek to partner with Advia to propel their business to greater success.
A Wide Variety of Commercial Loan Products
Advia Credit Union offers a range of commercial lending options to businesses of all sizes. Feel the difference that the credit union model of banking can make by taking advantage of the low closing costs and fees, competitive rates, and flexible payment terms that Advia Credit Union offers. The business lending options at Advia Credit Union include:
- Small business lending solutions. Advia Credit Union offers commercial lending packages for amounts of up to $50,000 to smaller ventures. These loans may be used to purchase or upgrade business equipment, finance the expansion of your operations, allow you to buy office furniture, or offer you the funds you need to acquire inventory, among many other possibilities.
- Small business reserve lines of credit. The revolving lines of credit that Advia Credit Union offers to small business owners offer great flexibility; once your business is approved for a line of credit, which is tied to your Advia checking account, you will be able to borrow up to the limit any time you need to. Interest is paid only on the amount you borrow.
- Commercial real estate loans. Advia Credit Union offers commercial real estate loans for a wide variety of property types, including diverse kinds of owner occupied commercial buildings and investment properties, as well as commercial construction loans. Businesses with an existing commercial real estate mortgage can refinance with Advia Credit Union to benefit from lower rates.
- Business term loans. These commercial loans, which fall within Advia Credit Union’s corporate lending program, covering loans of $50,000 and above, have a predetermined loan amount and term, and may be used to finance assets that will help your business thrive and grow — such as commercial vehicles, equipment, and machinery.
- Revolving lines of credit. Advia Credit Union offers separate corporate lines of credit that cover amounts of $50,000 more. These flexible loans are designed to give your business access to the working capital it needs at any time, or to manage accounts receivable or handle temporary cash flow fluctuations.
- Agricultural loans. Should you own and operate a farm or agricultural business in one of the Michigan, Wisconsin, or Illinois counties served by the credit union, Advia Credit Union may be an excellent financial partner for you. Advia Credit Union offers a wide range of agricultural loans, including operating lines of credit, agricultural equipment and machinery loans, real estate loans that cater to farmers, and Federally backed Farm Service Agency Guaranteed loans.
- Business credit cards. To cover your day to day expenses, Advia Credit Union offers a Business Visa Platinum Card with favorable APR rates.
Business owners can take full advantage of the “people helping people” model that Advia Credit Union operates under, by accessing especially competitive rates on commercial loans. While the rates will vary from one commercial lending option to another, and will additionally be tailored to the unique set of circumstances of your venture, Advia Credit Union always strives to offer favorable rates that would not be available through a traditional banking institution.
Flexible Loan Terms
Advia Credit Union offers flexible loan terms on all the loan options within the credit union’s business lending program. As you discuss your particular financing needs with the credit union’s dedicated financial lending team, you will be able to find the right financing solution for your business.
A Full Suite of Business Banking Solutions
Joining Advia Credit Union gives businesses access to a comprehensive suite of business banking solutions, with excellent rates and low fees. As a member of Advia Credit Union, your business will be able to conduct all of its day to day banking transactions through the credit union, and the account options available to you include:
- Business share savings accounts, which establish your business as a member and shareholder at Advia Credit Union. It is possible to open a business share savings account by pledging just $5, and these accounts are not associated with monthly maintenance fees. In addition, these accounts can earn your business favorable interest rates as high as 0.05% APY.
- Business money market savings accounts are available from Advia Credit Union by investing a minimum of $2,500, while higher minimum balances allow businesses to earn more interest. The business money market accounts at Advia can earn interest rates as favorable as 0.40% APY.
- Business CDs are available at terms that range from three to 60 months, with a minimum input of $500.
- A wide variety of business checking account options — including interest business checking accounts, analysis business checking accounts, non interest business checking accounts, and even non profit business checking accounts designed especially for non profit organizations. No matter the nature of your venture, Advia Credit Union offers the right business checking account to meet your day to day banking needs.
In addition, Advia Credit Union can make credit card acceptance services available to your business, and offers remote deposit options. Advia’s Positive Pay fraud protection services will help to keep your account secure.
Advia Credit Union operates a total of 29 convenient physical branch locations across its service areas in Michigan, Wisconsin, and Illinois, with a handy drive-thru option being part of the service this credit union provides. Advia Credit Union’s Business Digital Banking and Bill Pay services will likely, however, make the biggest difference as you conduct your everyday transactions. The digital banking services that Advia offers to its business members include 24 hour online cash management, bill pay that integrates with Quicken and Quickbooks, and even the possibility of applying for business loan products online.
Excellent Customer Service and Experience
Should you choose to partner with Advia Credit Union for your business financing needs and business banking solutions, you will enjoy more than favorable rates and terms — you can also count on friendly financial advice offered by a credit union with decades of experience (when you take the precursor credit unions into account). The experience that Advia Credit Union offers is married with a modern, fresh, and flexible approach. As you explore your small business loan options, you will be able to meet with Advia’s commercial lending team in person, but it is also possible to apply for a business loan online or via the telephone. This gives Advia Credit Union members access to especially fast loan decisions.
“This credit union is a fast growing one, and Advia Credit Union continues to expand its service areas in Illinois and Wisconsin”
Who Can Apply for a Business Loan From Advia Credit Union?
Business owners and entrepreneurs who would like to apply for any of the commercial financing options that Advia Credit Union makes available will need to become a member of the credit union first. As credit unions are nonprofit and member owned financial cooperatives, this will establish your small business as an owner and shareholder at the same time.
Each credit union has a defined field of membership, and the eligibility requirements you need to meet in order to be able to join Advia Credit Union are straightforward and based on geography. Those who meet the following criteria may become members of Advia Credit Union:
- Individuals who live, attend school, work, or operate a business in any of the counties in the lower peninsula of the state of Michigan.
- Individuals who live, attend school, work, or operate a business in Dane, Green, Jefferson, Kenosha, Milwaukee, Racine, Rock, Walworth, or Waukesha counties in the state of Wisconsin.
- Those who reside, attend education, work, or run a business in Boone, DuPage, Kane, Lake, McHenry, Winnebago, or Cook (north of Iriving Park Road) counties in the state of Illinois.
Advia Credit Union does not extend membership to close relatives of existing members, unlike many other credit unions. However, this credit union is a fast growing one, and Advia Credit Union continues to expand its service areas in Illinois and Wisconsin. Should you not currently qualify to join Advia Credit Union, you may be able to do so in the near future.
Those business owners and entrepreneurs who do meet the criteria to join will discover that becoming a member, and opening a business share savings account, with Advia Credit Union is easy. Have the following information and documents ready when you apply to become a member:
- Your full business address.
- Your social security number.
- Your tax ID number.
- Your email address and telephone number, to enable Advia Credit Union to contact you.
- Insight into the details of your business, including the volume of transactions you expect to carry out through Advia Credit Union and the structure of the business you run, such as an LLC or a sole proprietorship.
- A valid government issued ID, such as a driver’s license, state ID card, or passport.
- Existing account details to fund your new business account with Advia Credit Union.
Note that while US citizens can apply to join Advia Credit Union via the credit union’s online portal, non citizens are instead asked to apply at the most convenient branch location.
Once your membership application is completed and approved, you will be able to apply for any of the business loan products that Advia Credit Union makes available.
What Types of Business Loan Products Does Advia Credit Union Offer?
Advia Credit Union offers a broad range of business loan options at competitive rates, and with flexible terms. These lending options can broadly be divided into three separate categories — small business loans (which cover amounts of up to $50,000), corporate loans (which cover amounts of $50,000 or above), and agricultural loans to help farmers grow their businesses. The following is a brief overview of the lending solutions that you will be able to access if you partner with Advia Credit Union.
Small Business Loan Options from Advia Credit Union
Advia Credit Union offers two types of small business loans to smaller established businesses as well as newer startups.
The small business loans that Advia Credit Union makes available can be compared to business term loans; these commercial loans have a closed end date, can have fixed or floating interest rates, and represent an excellent solution to those ventures that are looking to acquire working capital to fuel their path to success. The small business loan packages that Advia Credit Union offers have low closing costs and fees, and business owners can take advantage of the competitive rates as they set about reaching their short to medium term goals.
Advia Credit Union additionally offers small business reserve lines of credit, which are tied to your business checking account. These loans likewise come with low fees and costs, and offer competitive rates as well as flexible repayment options. Small business lines of credit are primarily used in order to cover short term expenses, which can serve as a financial vehicle to manage temporary cash flow fluctuations.
Both small business loans are available at amounts of up to $50,000.
Corporate Lending Options from Advia Credit Union
Larger established businesses can make use of the corporate lending program that Advia Credit Union offers, and which covers larger amounts upward of $50,000.
Advia Credit Union offers commercial real estate financing for a wide variety of property types, including office space, retail space, manufacturing or industrial buildings, warehousing facilities, parking facilities, and residential buildings. Whether you are looking to purchase or renovate an owner occupied commercial property, an investment property to generate income for your business, or to refinance an existing commercial real estate mortgage to allow Advia Credit Union’s lower rates to work for you, the right solution is available to you.
Business term loans are offered to cover projects such as the purchase of equipment, machinery, technology, commercial vehicles, and other assets, with flexible terms and favorable rates.
Should you be interested in a revolving line of credit to finance short and medium term projects, including inventory purchases, accounts receivable, seasonal fluctuations in revenue, to secure favorable purchasing terms, or even as a permanent source of working capital, Advia Credit Union offers this loan product as well, at amounts that exceed $50,000.
Agricultural Loans from Advia Credit Union
The agricultural loans that Advia Credit Union makes available to farmers and agricultural businesses in the areas of Michigan, Wisconsin, and Illinois that the credit union serves fall under its corporate lending program. The agricultural loan options that this credit union offers are diverse enough to highlight them separately, however, particularly given the fact that not many credit unions offer agricultural loan solutions.
The agricultural loan products that Advia Credit Union can make available include:
- Operating lines of credit for farmers, which will allow you to keep moving your business forward even as you face temporary cash flow challenges.
- Equipment and machinery loans to finance the purchase, replacement, repair, or modernization of agricultural equipment, such as tractors, combine harvesters, or equipment for the management of livestock are available through Advia Credit Union at competitive rates.
- Real estate loans for farmers, which can allow you to finance the acquisition of land or the construction of additional buildings and facilities, for example.
- Farm Service Agency Guaranteed loans may also be applied for via Advia Credit Union. These guaranteed loans offer farmers access to especially competitive rates. A variety of options are available. A loan to cover the down payment for farm ownership can be offered at an interest rate of 1.500%, for example, while operating, farm ownership, and emergency loans are available at favorable rates as well.
How Do You Qualify for a Business Loan From Advia Credit Union?
The process that Advia Credit Union will go through to determine whether your business may be approved for a commercial loan is identical to the steps a mainstream bank would use. Advia Credit Union will ask you to complete a loan application form and meet with a commercial lending specialist. You may apply for small business loans online.
Advia Credit Union will ask for the following documentation:
- Business financial statements, dating back three years for most types of commercial loans.
- Business Federal tax returns for the last two or three years.
- Personal financial statements should be submitted by individuals acting as principals and guarantors.
- Personal tax returns should likewise be provided by principals and guarantors.
- Advia Credit Union can work with sole proprietorships, LLCs, partnerships, corporations, DBAs, and non profit organizations and associations. Your business will be asked to provide its formation documents when you apply for a loan.
The next step lies in assessing your business credit score, which would ideally be at least 80 on the D&B PAYDEX, and applicants’ personal FICO scores, which should be 670 or above. Advia Credit Union will assess your annual revenue and profits and your business’ debt to income ratio, and in the case of new startups, it is additionally important to provide a strong and detailed business plan. Assessing these factors will allow Advia Credit Union to establish whether your business can carry the loan for which you are applying. In the case of secured loans, collateral must also be pledged.