Whether you own an established business and are planning to expand or to purchase commercial real estate, or you are in the process of launching a brand new venture and you require working capital, the financial institution you choose to partner with for a business loan will be a key part of your success. Andrews Federal Credit Union is able to offer a variety of commercial loan products at competitive rates, and this credit union, which focuses on serving military personnel, may be the right lender for your needs.
Andrews Federal Credit Union, which was established in 1948 and is headquartered in Suitland, Maryland, has always focused on providing financial services to military personnel and their families. While this credit union started with just eight members — who each deposited just $5 — Andrews Federal Credit Union has now grown into a strong nonprofit financial cooperative that serves more than 139,000 members all over the world and manages over $2 billion in assets.
Andrews Federal Credit Union is federally chartered by the National Credit Union Association. It runs convenient physical branch locations in Maryland, Washington DC, Virginia, and New Jersey as well as overseas — in Germany, the Netherlands, and Belgium — in order to better serve its military members. As part of the CO-OP shared network, Andrews Federal Credit Union also provides access to an additional 30,000+ surcharge free ATMs and shared branch locations across the United States.
While Andrews Federal Credit Union has focused on serving military personnel and their families since its founding, civilian members are welcome to join and take advantage of the favorable rates and fees, wide range of banking products, and excellent customer service that the credit union offers, too, so long as they qualify.
Membership is open to anybody who lives or works in Washington, DC, as well as to active duty or retired military personnel and their families, civilian personnel of US military units, members of Andrews Federal Credit Union’s select employer groups, and members of the American Consumer Council, among other groups.
Business owners and entrepreneurs who are in need of a commercial loan, such as a commercial real estate loan or line of credit, may consider joining Andrews Federal Credit Union, as Andrews Federal offers a wide range of business loan solutions at competitive rates, and with flexible terms.
“Andrews Federal Credit Union can offer significant lending capacity, and its commercial lending team will work with each business member to create a tailored commercial financing solution.”
What Does Andrews Federal Credit Union Offer?
As a full service credit union, Andrews Federal Credit Union offers a range of convenient business banking products and commercial loan solutions to small and medium sized businesses and entrepreneurs. As a credit union that manages just over $2 in assets, Andrews Federal Credit Union is one of the smaller credit unions in the United States, ranking as the 139th largest credit union nationwide. Despite this, Andrews Federal Credit Union can offer significant lending capacity, and its commercial lending team will work with each business member to create a tailored commercial financing solution.
A Broad Variety of Business Loans
Andrews Federal Credit Union offers a wide range of commercial loan products, each designed to help your business grow, thrive, or expand in a unique way. The commercial lending options offered at Andrews Federal Credit Union include:
- Commercial mortgages. With a commercial real estate loan from Andrews Federal Credit Union, you will be able to finance the purchase of a wide variety of property types, including office space, retail buildings, industrial buildings, and warehouse facilities. Andrews Federal Credit Union offers flexible commercial mortgages for owner occupied as well as investment properties, and refinancing an existing commercial real estate loan with this credit union may likewise result in more favorable rates.
- Business signature loans. This financing option has flexible terms of up to 72 months, and is suitable for the very smallest of financing needs (like covering accounts receivable or inventory purchases) as well as significantly larger projects, as Andrews Federal Credit Union offers amounts ranging from $1,000 to $75,000. These loans are equivalent to the business term loans that other credit unions typically offer.
- Commercial vehicle loans. If your business needs a new car or truck, or an entire fleet of commercial vehicles, Andrews Federal Credit Union offers commercial vehicle loans at extremely competitive rates. Loan decisions are made quickly and locally.
- Business lines of credit. Both unsecured and secured lines of credit are available to business members of Andrews Federal Credit Union, with fixed interest rates that enable you to always know what your repayments will be like.
- Business credit cards. Andrews Federal Credit Union offers Visa Business Rewards Credit Cards that will allow your business to earn points for every dollar you spend, and with generous credit limits.
- Small Business Administration Loans (SBA Loans). Small business owners, including those that are just launching a new venture, may also be able to take advantage of the fact that Andrews Federal Credit Union has partnered with the Small Business Administration. This partnership offers you access to federally backed loans of up to $5 million, and extended terms are available.
Favorable Loan Terms
Andrews Federal Credit Union offers flexible repayment terms of up to 72 on its business signature loans and commercial vehicle loans, while extended and flexible repayment terms are available for businesses that will be partnering with Andrews Federal Credit Union in order to secure a commercial real estate loan. Do you have particular financing needs? Discuss the options with Andrews Federal Credit Union's commercial lending department, which may be able to create a custom lending package for your business.
Credit unions are financial cooperatives that exist to serve their members, which are also their shareholders — and rates that are much more competitive than those you could expect to be offered by a mainstream banking institution are a prime reason to consider partnering with Andrews Federal Credit Union. Most commercial loans that Andrews Federal Credit Union offers may have fixed or variable interest rates, depending on your preference, but the rates will always be uniquely favorable.
While Andrews Federal Credit Union recognizes that each business has unique needs and circumstances, and as such offers a great degree of flexibility in the loans, loan amounts, and rates that it can make available to help you realize your vision for the future, transparency is another key part of working with a credit union. Businesses will not have to fear that they will encounter predatory lending practices, as you will be able to familiarize yourself with the loan application process as well as terms and conditions before you apply for a business loan from Andrews Federal Credit Union.
A Full Suite of Business Banking Solutions
Businesses that are searching for a credit union through which they will be able to manage all of their day to day banking needs, as well as seeking a commercial loan, will appreciate the fact that Andrews Federal Credit Union is a full service credit union. Among the banking solutions that Andrews Federal Credit Union offers its business members are:
- Business savings accounts, which may be opened by pledging just $5, and which are not associated with monthly service fees or a minimum balance. Depending on the minimum balance your business is able to maintain, you are able to earn dividends on your business savings account with Andrews Federal Credit Union.
- Business checking accounts, which are suitable even for new startups and automatically give your business access to a Visa debit card.
- Possibilities checking accounts, which offer 250 monthly transactions free of charge, give access to secure night drop locations, and for which Andrews Federal Credit Union does not charge a monthly service fee if you are able to maintain a minimum daily balance of $100.
- Partnership checking accounts are dividend earning business checking accounts. No monthly fees are charged, so long as your business is able to maintain a balance of $5,000 at all times, and these accounts offer 500 charge free transactions every month. Your business will be able to set up security alerts, and you will have access to secure night drop locations.
In addition to these account types, Andrews Federal Credit Union also makes merchant processing services to business members, in partnership with Heartland Payment Services. This gives you access to 24/7 support as well as advice on making your point of sale processing services work for you and your customers.
Small business owners may also find the fact that Andrews Federal Credit Union offers payroll and HR services attractive, as this service can streamline your operations at competitive rates and ultimately save money.
Excellent Customer Service and Convenient Banking
Andrews Federal Credit Union is proud to serve both its military members and those that contribute to the country in another way — which certainly includes the business community. When you partner with Andrews Federal Credit Union for your commercial financing and day to day business banking needs, you will gain a partner that has your best interest at heart. Not only has Andrews Federal Credit Union saved its members over $12 million by providing competitive rates, the credit union also offers customer service and financial advice you can count on. Feel the credit union difference from the moment you apply to join.
In addition to a range of branch locations in DC, Maryland, Virginia, and New Jersey, Andrews Federal Credit Union operates convenient branches in the vicinity of US military bases in Germany, the Netherlands, and Belgium, ensuring that active duty military personnel can always conduct their day to day banking needs. Do you prefer online or mobile banking? Andrews Federal Credit Union's secure, modern, and convenient online banking portal allows you to make loan repayments 24/7.
“As a member, applying for a business loan from this credit union is a good option for your business.”
Who Can Apply for a Business Loan From Andrews Federal Credit Union?
The fact that Andrews Federal Credit Union offers a wide range of commercial lending options in addition to multiple attractive business banking products may lead you to conclude that applying for a business loan from this credit union is a good option for your business. However, only existing business members of Andrews Federal Credit Union will be able to apply for a commercial loan.
Your first step, if you are interested in partnering with Andrews Federal Credit Union, would be to find out whether you are eligible to join this credit union. Andrews Federal Credit Union has a complex field of membership structure, and you will be able to become a member if you meet one of the following membership criteria:
- You are a current employee of one of Andrews Federal Credit Union's select employer groups, or you are a member of such a select employer group.
- You reside, work (including owning and operating a business in), attend school, or worship in Washington, DC.
- You are a member of the American Consumer Council, or want to become a member. As membership with this consumer education organization is open to anybody at no cost, this path to membership with Andrews Federal Credit Union is an extremely flexible option.
- A close relative or member of your household is already a member of Andrews Federal Credit Union.
- You are active duty military personnel or retired military personnel, affiliated with either Joint Base Andrews or Joint Base McGuire-Dix-Lakehurst.
- You are a spouse, dependent, or dependent survivor of such a person.
- You are civilian personnel at Joint Base Andrews or Joint Base McGuire-Dix-Lakehurst, or an immediate relative.
- You are active US military personnel, or civilian personnel, serving in Germany, the Netherlands, or Belgium, or you are a spouse or dependent.
- You are affiliated with specific military installations.
Once you have established that you are eligible to become a member of Andrews Federal Credit Union — as would be the case with anyone willing to join the American Consumer Council — the application process is easy and fast. You will be asked to provide:
- Your social security number.
- A valid government issued ID, such as a driver's license, US passport, or military ID.
- Proof of your current address.
- Contact details such as an email address and phone number.
- Your current credit card details or bank routing number, in order to fund the base savings account that will establish your membership with Andrews Federal Credit Union. Only $5 is required to open such an account.
Becoming a member of Andrews Federal Credit Union will enable you to apply for any of the commercial loan options that this credit union makes available to qualifying businesses. However, there is a caveat. It is important to note that only ventures with registered business addresses that fall within a 50 mile radius of one of Andrews Federal Credit Union's current branch locations are eligible to apply for commercial loans from this credit union.
What Types of Commercial Loan Products Does Andrews Federal Credit Union Offer?
Whether you are a business owner in search of a small commercial loan to help you cover temporary cash flow fluctuations, or you are hoping to make the move from leasing to owning your commercial property, Andrews Federal Credit Union offers a range of commercial loan products at competitive rates and with flexible terms. The following is an overview of the business lending options that Andrews Federal Credit Union can provide.
Commercial Real Estate Mortgages From Andrews Federal Credit Union
Andrews Federal Credit Union offers commercial real estate financing for a broad variety of property types, including rental properties, retail spaces, medical complexes, industrial buildings, warehouses, and residential apartment complexes. Andrews Federal Credit Union may be the right partner for you whether you are looking for a commercial real estate loan for an owner occupied commercial property or an investment property, and even if you are looking for a commercial construction loan. Should your business already have an existing commercial real estate mortgage, taking advantage of the competitive rates offered at Andrews Federal Credit Union may lead to long term savings.
The commercial mortgages that Andrews Federal Credit Union offers have competitive rates and with flexible repayment terms, and businesses and entrepreneurs can ask for expert advice from the credit union's commercial lending team at any time.
Business Signature Loans From Andrews Federal Credit Union
Andrews Federal Credit Union's business signature loans are commercial term loans — which can be used to finance a variety of assets and projects that will propel your venture to greater success. Examples include the purchase of office furniture, commercial equipment, new product lines, or business acquisitions.
These loans have flexible terms of up to 72 months, and business members may apply for loan amounts between $1,000 and $75,000 — making Andrews Federal Credit Union's business signature loans suitable for small businesses as well as larger ventures. Andrews' business signature loans are offered with convenient fixed interest rates that will allow you to take advantage of reliable repayment terms.
Commercial Vehicle Loans From Andrews Federal Credit Union
The commercial vehicle loans that Andrews Federal Credit Union offers have uniquely competitive interest rates, as well as a fast and easy loan approval process. Once you have purchased your vehicle — whether it is a company car or a dump truck, because Andrews Federal Credit Union offers financing for any type of commercial vehicle — you will be able to set up automatic payments so that you never miss a payment.
Andrews Federal Credit Union's commercial vehicle loans have terms of up to 72 months, and may be used to finance both new and used vehicles.
Business Lines of Credit From Andrews Federal Credit Union
Andrews Federal Credit Union offers secured and unsecured lines of credit; unsecured lines of credit may cover amounts of up to $75,000, while secured lines of credit can cover up to 80 percent of the value of the collateral that you pledge. With a line of credit, your business will be able to borrow only as much as it needs to, and can access flexible financing at any time once approved.
Small Business Administration Loans Through Andrews Federal Credit Union
As an SBA lender, Andrews Federal Credit Union can help you apply for federally backed financing at especially favorable rates, with extended terms being available. Different types of Small Business Administration loans are available, with some serving as working capital, and others allowing you to purchase commercial real estate.
How Do You Qualify for a Business Loan From Andrews Federal Credit Union?
The commercial loan products that Andrews Federal Credit Union offers require your business to be registered within 50 miles of one of the credit union's branch locations. In addition to meeting this requirement, your business will have to prove that it can carry the loan. Andrews Federal Credit Union's commercial lending team will ask you to complete an application form, and supply the following documentation:
- Business financial statements dating back two or three years, with interim financial statements being acceptable before the end of the financial year.
- Personal financial statements, for the last two or three years, for individuals serving as principals and guarantors.
- Business tax returns for the last two or three years.
- Personal tax returns for the same time period should be submitted by principals and guarantors.
- Formation documents for your business, such as an Operating Agreement, Partnership Agreement, or Articles of Incorporation, and accompanying documents such as resolutions, amendments, and bylaws.
- Collateral must be pledged in the case of secured loans.
Andrews Federal Credit Union will assess your business credit score (scores between 80 and 100 on the D&B PAYDEX will result in the most favorable rates), your business' annual revenue and profits, and your business' debt to income ratio. The FICO scores of principals and guarantors must be 670 or above for the commercial loan to be approved.
Small Business Administration loans have a different application process, meanwhile, and Andrews Federal Credit Union's commercial lending department will be able to advise and assist you in applying for federally guaranteed financing for your business.
Andrews Federal Credit Union is committed to making fast loan decisions, and ensuring that you are able to provide all the required documentation upon applying will ensure a smooth process.