Affinity Plus Federal Credit Union may be the right financial partner for your small business if, as someone who owns and runs an established business or as an ambitious entrepreneur in the process of launching a new venture, you are in search of flexible commercial financing at competitive rates. This Minnesota based credit union offers a range of business loan products designed to propel your venture to success.
Affinity Plus Federal Credit Union was first founded in April 1930 — right during the Great Depression — by a group of Minnesota state employees, under the name State Capitol Credit Union. As the credit union grew, expanded its field of membership, and acquired other credit unions, its name was changed to Affinity Plus Federal Credit Union to reflect the fact that it has become a strong financial institution ready to keep serving its members in the 21st century.
Today, Affinity Plus Federal Credit Union, also known simply as Affinity Plus, proudly serves more than 600,000 members. Federally chartered by the National Credit Union Association, this member owned non profit financial cooperative manages over $2.3 billion in assets, and operates a total of 26 convenient physical branch locations across the state of Minnesota. This credit union offers a wide range of financial services, including personal banking solutions, personal loans, and student loans. Minnesota based business owners and entrepreneurs will find a full range of business banking services, including business checking, saving, and certificate accounts, in addition to business credit cards and commercial lending options.
Throughout all of its decades of experience, and through growth and branding changes, Affinity Plus Federal Credit Union has retained its original vision and values. Affinity Plus Federal Credit Union is founded on the principle of "people helping people", and aims to conduct its work with care, integrity, and adaptability.
Should you own and operate a business in Minnesota, or should you be in the process of getting a new venture off the ground, Affinity Plus Federal Credit Union may be the financial partner that helps you realize your vision for the future.
“A full service credit union that enables you to conduct all of your day to day banking transactions”
What Does Affinity Plus Federal Credit Union Offer?
Affinity Plus Federal Credit Union is a full service credit union — and as a current or prospective business owner, that means that you will be able to conduct all of your day to day banking transactions through Affinity Plus, as well as taking advantage of the range of business loans that this credit union makes available to members who qualify.
A Wide Range of Business Loan Options
Affinity Plus Federal Credit Union offers a variety of flexible financing solutions to businesses of all sizes. All of the business loans that Affinity Plus Federal Credit Union offers have flexible terms and competitive rates. The range of commercial loans offered at Affinity Plus include:
- Commercial vehicle loans. Affinity Plus Federal Credit Union offers commercial vehicle loans that cover up to 100% of the value of new vehicles, and up to 80% of the value of used vehicles. Flexible terms are available in both cases, and Affinity Plus offers fixed interest rates so that business members can plan for predictable loan payments.
- Commercial equipment loans. Are you planning to purchase new business equipment, machinery or technology, or are you investigating the possibility of upgrading or modernizing existing equipment? Affinity Plus Federal Credit Union offers loans for up to 80% of the equipment's value, whether the equipment is new or used.
- Business lines of credit. Flexible lines of credit are essential in the daily running of almost any venture, as once approved, your business will be able to borrow at any time, up to the predetermined limit, while only paying interest on the borrowed amount. Affinity Plus Federal Credit Union offers variable interest rates and a wide range of loan amounts on its business lines of credit.
- Business credit cards. Affinity Plus Federal Credit Union's Visa Business Rewards credit cards have competitive and variable interest rates, and allow members to earn MyPlus Rewards points as they cover their day to day business expenses.
This range of commercial loans may, at first glance, seem to be limited in scope — but don't stop reading if you are seeking a different type of business loan quite yet. Affinity Plus Federal Credit Union makes it clear that the credit union can work with individual business owners to design a custom commercial loan package. Do you have a solid financial plan, and are you hoping to partner with Affinity Plus Federal Credit Union for a commercial real estate loan (for owner occupied properties as well as investment properties)? Do you need a business acquisitions loan to help your venture grow and thrive?
Members can contact the credit union at any time, and work with a so-called "business captain" — that's Affinity Plus' term for commercial lending specialists — to discover in what direction their working relationship with Affinity Plus Federal Credit Union may be able to develop.
Nothing can attest to Affinity Plus Federal Credit Union's flexibility better than the fact that, in addition to offering a range of standard small business loan financing options, the credit union also invites members to present their plans so that additional financing options may be explored. Affinity Plus Federal Credit Union will work with your business to determine what loan package is right for you, and offers a wide variety of loan amounts in the process, all at favorable rates.
Variable Loan Terms
Affinity Plus Federal Credit Union offers favorable and flexible loan terms on all of its business and commercial loan products. These vary from one type of loan to the next. Commercial equipment loans from Affinity Plus Federal Credit Union may, for example, have terms of up to 60 months, while lines of credit may remain open for three years.
All the business loan products that Affinity Plus Federal Credit Union offers have competitive rates. Some commercial loans have fixed interest rates, while others can be offered with variable interest rates. The precise rate your business can be offered will depend on the type of commercial loan you are requesting, as well as your business credit history and the industry you are in. With that in mind, Affinity Plus Federal Credit Union will always offer more favorable rates than a traditional banking institution.
A Full Suite of Business Banking Solutions
Some business owners and entrepreneurs may consider joining Affinity Plus Federal Credit Union solely to take advantage of the competitive rates this Minnesota credit union can offer on commercial loan products. If, however, you are looking for a banking institution through which you will be able to conduct all of your day to day banking operations, Affinity Plus Federal Credit Union does offer a full suite of business banking services.
The business banking options at Affinity Plus include:
- Two convenient tiers of business checking account options. Small business checking accounts do not have monthly maintenance fees and are an excellent choice for small businesses and new startups. Commercial checking accounts are designed for ventures with a higher volume of monthly transactions and which are able to maintain a higher minimum balance. These are dividend earning accounts that will allow your money to work for you, to the tune of 0.100% APY.
- Business savings accounts from Affinity Plus Federal Credit Union offer favorable interest rates, and your deposits are federally insured by the National Credit Union Association for amounts of up to $250,000. Simple business savings accounts have just a $10 minimum balance, and simultaneously establish your membership with Affinity Plus Federal Credit Union, as they are the equivalent of a share savings account. Business Shares II accounts were created to allow businesses to save for a specific goal, such as payroll or taxes.
- Business certificate accounts have variable terms ranging from three months to five years, and allow your business to save for the future by earning a competitive rate. Sixty month terms have a dividend rate as favorable as 1.243%, but a wide variety of options are available.
Those members of Affinity Plus Federal Credit Union who prefer face to face interactions can make full use of the fact that this credit union operates a total of 26 branches throughout the state of Minnesota. Do you prefer to manage your daily transactions or loan repayments online? No problem; Affinity Plus Federal Credit Union offers a modern and secure online banking portal through its website, as well as a dedicated mobile banking app that may be downloaded through the Google Play Store or the Apple App Store.
Do you need to consult with an Affinity Plus employee? As a modern credit union, Affinity Plus Federal Credit Union offers secure online messaging as well as video call options between 9 am and 6 pm — but if you prefer to give the credit union a call, they can be reached during business hours, or in the case of emergencies such as suspected fraud, 24/7 at a dedicated number.
Excellent Customer Service
When you choose to partner with Affinity Plus Federal Credit Union, you are not just a customer, but also a part owner and shareholder. Affinity Plus Federal Credit Union's modern and conversational style of customer service, based on the traditional credit union principle of "people helping people", may especially appeal to dynamic entrepreneurs who do not have time to waste.
“You may be keen to get started in applying for the business financing that will propel your venture to new heights”
Who Can Apply for a Business Loan From Affinity Plus Federal Credit Union?
Once you discover the flexible commercial loan solutions that Affinity Plus Federal Credit Union offers, you may be keen to get started in applying for the business financing that will propel your venture to new heights. However, credit unions can only serve their membership, and therefore, to take advantage of Affinity Plus Federal Credit Union's competitive rates and excellent customer service, you will first have to join the credit union.
Many Minnesota residents will have a path to membership, and the ways to join Affinity Plus Federal Credit Union include:
- Employees of the state of Minnesota.
- University of Minnesota employees.
- Employees or members of any organization that receives funding from the state of Minnesota. This path to membership covers many schools, community colleges, and universities, as well as health institutions such as hospitals and nursing homes, and a variety of non profit organizations, municipalities, cities, and counties.
- Members of the University of Minnesota Alumni Association.
- Students within the Minnesota State University System.
- Alumni of the Minnesota State University System.
- Anybody who works, lives, or worships in the following Minnesota counties — Roseville, Arden Hills, Mounds View, Shoreview, St. Anthony, and New Brighton.
- Minnesota Twins employees.
- Dues paying members of the Affinity Plus Foundation.
- If a close relative or member of your household is already a member of Affinity Plus Federal Credit Union, you may become a member as well. The same holds true if a close relative or member of your household is eligible to join the credit union but has not done so.
In addition to needing to prove your eligibility to join, you will have to provide the following information and documents when you apply:
- Your social security number.
- A government issued ID, such as a driver's license.
- Your current credit card information or bank routing number to fund the new account, for which you will need to pledge $10.
You can apply to join Affinity Plus Federal Credit Union online as well as in person, and in the former case you will be asked to upload a digital copy of your ID.
Once you have gone through these steps and become a member of Affinity Plus Federal Credit Union, you will be able to apply for any of the business loan products that the credit union offers. Approval is, of course, subject to eligibility.
“Affinity Plus Federal Credit Union may be able to create a financing package suited for your business”
What Types of Business Loan Products Does Affinity Plus Federal Credit Union Offer?
Affinity Plus Federal Credit Union publicizes a selection of standard business loan options. In addition to these, business members of the credit union may connect with their business captain to discuss other financing packages that Affinity Plus Federal Credit Union may be able to create for your business. Affinity Plus Federal Credit Union offers small business loans of up to $50,000 as well as larger commercial loans. The following is an overview of the commercial loans that Affinity Plus Federal Credit Union offers.
Business Vehicle Loans From Affinity Plus Federal Credit Union
Businesses requesting a commercial loan to finance the acquisition of a new or used commercial vehicle can take advantage of competitive rates. If you are buying a new vehicle, Affinity Plus Federal Credit Union can provide 100% of the funding. In the case of used commercial vehicles, 80% of the value may be covered. Commercial vehicle loans from Affinity Plus Federal Credit Union have fixed interest rates and flexible terms that can be discussed with your business captain. There are no hidden fees, so you can expect complete transparency.
Commercial Equipment Loans From Affinity Plus Federal Credit Union
Affinity Plus Federal Credit Union offers dedicated commercial loans that allow businesses to acquire, upgrade, or replace business equipment, machinery (agricultural or otherwise) or technology. A wide variety of loan amounts are available, depending on your business credit score and other relevant factors. These loans have fixed interest rates as well, and may fund up to 80% of the value of the equipment you are purchasing. Loan terms for commercial equipment loans go up to 60 months, and there are no prepayment penalties or hidden fees.
Business Lines of Credit From Affinity Plus Federal Credit Union
Revolving lines of credit with terms of up to three years are available from Affinity Plus Federal Credit Union for a wide range of loan amounts, subject to approval. Once your venture is approved for a line of credit, you will have continuous access to a stream of working capital that will allow you to grow your business by planning expansions or larger purchases. You can also manage temporary cash flow fluctuations. Only borrow as much as you need to, paying interest just on the amount you have withdrawn. For especially challenging periods, interest only payments are available as well.
Additional Commercial Financing Options
The business loan products that Affinity Plus Federal Credit Union offers are especially designed to help small businesses thrive and grow. Affinity Plus Federal Credit Union offers commercial loans of less than $50,000 as well as larger loan amounts, however, including to medium sized and large businesses.
Members of Affinity Plus Federal Credit Union can simply connect with their business captain to discuss the loan package they need — and together, you will explore your options. While this open ended approach may be a barrier to membership for some, existing Affinity Plus Federal Credit Union members will always find an open door. The options that Affinity Plus Federal Credit Union offers include commercial real estate loans for owner occupied commercial properties as well as a variety of investment properties.
So long as you have a solid investment plan, Affinity Plus Federal Credit Union will likely be able to work with you to create the commercial loan solution that you need to generate revenue in the future.
It is, however, important to note that Affinity Plus Federal Credit Union is not a Small Business Administration lender; as such, small businesses that were hoping to take advantage of the favorable rates and flexible terms that federally backed and guaranteed SBA loans offer may wish to partner with a different local credit union.
How Do You Qualify for a Business Loan From Affinity Plus Federal Credit Union?
To qualify for a business loan from Affinity Plus Federal Credit Union, you will have to prove that you can carry the loan and make payments on time. Just like any mainstream banking institution, credit unions will carry out rigorous checks to ensure that they can take on the risk involved in providing you with a commercial loan.
The information and documentation that Affinity Plus Federal Credit Union will request when you apply for a business loan includes:
- Business financial statements dating back three years.
- Personal financial statements issued by individuals who will be serving as principals and guarantors.
- Business Federal and State tax returns for the last two years. In some cases, three years will be requested.
- Personal Federal and State tax returns for the last two years, provided by principals and guarantors.
- Your business debt schedule.
Other documentation you will be asked to provide depends on the type of business loan you are requesting, and may include Purchase Agreements in the case of vehicle and equipment loans. In most cases, credit unions will want to see your business' formation documents, which may, depending on the structure, be an Operating Agreement, Partnership Agreement, or Articles of Incorporation.
Proof of collateral will be required in the case of secured commercial loans.
When you submit all the requested financial and business documents as part of your commercial loan application process, Affinity Plus Federal Credit Union will review your personal and business credit scores. Personal FICO scores should ideally be over 670 to secure a favorable rate, while the credit union would hope to see a business credit score of 80 to 100 on the D&B PAYDEX. Affinity Plus Federal Credit Union will want to see a good debt to income ratio, and a history of solid annual revenue and profits.
If you are a startup, and do not yet have a proven financial track record, you may still be able to partner with Affinity Plus Federal Credit Union. Make sure to bring a detailed and strong business plan along, as well as other qualifying documents such as a resume and your personal qualifications.
The amount of time it will take for Affinity Plus Federal Credit Union to process your business loan request will depend on the amount and complexity of the loan, but your business captain will keep you up to date on the proceedings every step of the way.