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BECU Credit Union Small Business Loans

Do you live, work, worship, or attend school in Washington State? If so, are you interested in securing a business loan? If you answered "yes" to either of these questions, BECU Credit Union may offer the solution you seek.

BECU Credit Union was established in 1935 by William Dodge and 18 fellow employees of the Boeing Company; it currently serves more than 1.1 million members and manages over $17.8 billion in assets.

Rachel Dayan BECU Credit Union was established in 1935 by William Dodge and 18 fellow employees of the Boeing Company; it currently serves more than 1.1 million members and manages over $17.8 billion in assets.
Rachel Dayan
August 12, 2022

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The history of BECO Credit Union dates back to 1935. It was then that new employees of The Boeing Company were made to purchase their own tools before they could begin working. Of course, this was during the height of the Great Depression, one of the biggest financial calamities that the world has ever seen, which meant that for new Boeing employees, finding money to purchase tools was virtually impossible. 

William Dodge, an employee of The Boeing Company, had read an article that was published in the September, 1935 issue of Reader's Digest, titled “Be Your Own Banker”. This article highlighted how credit unions, which first appeared in Germany and traveled to Canada, had a massive positive impact on the finances of members. In the US, forceful loan organizations made it impossible to establish credit unions, but in 1934, that changed, as Congress passed a law that permitted the establishment of credit unions in all 50 United States, as well as US territories. The information presented in the article inspired Dodge, and he decided to recruit a group of fellow Boeing employees to discuss the prospect of establishing their very own credit union. 

After an in-depth discussion, Dodge and 18 of his fellow Boeing employees concluded that they would put up 50 cents each, for a grand total of $9, and the first loan they issued was to a fellow employee, in the amount of $2.50, which he used to purchase tools for his job with The Boeing Company. Their efforts were a success, and on December 7, 1935, the Fellowship Credit Union was established. The group elected Elmer Eggleston as their first Board Chairman, and he also served as the credit union’s first treasurer. 

Eggleston stored the deposits that he collected in a metal lunch box, which he toted from the Boeing plant to the credit union. By the end of their first year, 490 members had joined BECU. Today, nearly 90 years later, there are more than 1.1 million BECU members and more than 2,000 employees, and the credit union manages over $17.8 billion in assets, making them the fourth largest credit union in the United States and the largest credit union in the Washington State (where the credit union is headquartered). 

BECU Credit Union has an entire division that is dedicated to business banking, which offers a variety of business-related loan products, including lines of credit, term loans, vehicle loans, and commercial real estate. If you are eligible for membership to BECU, you are able to access both secured and unsecured business loans with no origination fees. Other perks include low competitive variable rates and on interest charges. You’ll also have access to excellent customer service and fair repayment plans. 

In addition to being able to access the business-centered loan products that BECU offers, you will also be able to access all other business banking products and services the credit union offers; checking and savings accounts, debit cards, CDs, credit cards, and cash management services, such as account services, accounts payable, and accounts receivable.

“Whereas most other credit unions only offer small-dollar business financing, BECU offers a wide range of loan amounts.” 

What does BECU Credit Union Offer? 

A Wide Range of Loan Amounts and Low Interest Rates

BECU Credit Union offers some of the lowest rates available for business loans. Additionally, whereas most other credit unions only offer small-dollar business financing, BECU offers a wide range of loan amounts. You also have the option to back your business loans with collateral, which affords you the opportunity to possibly qualify for rates or amounts that you might not be able to secure from any other financial institution; whether a standard bank or another credit union. 

The amount you can borrow depends on the type of loan you are attempting to secure. For example, for commercial real estate, loan amounts range from $250,000 to $40 million, while you can borrow up to $100,000 for unsecured business lines of credit. 

Loan Terms

The loan terms that BECU Credit Union offers are favorable. Terms vary and depend on which business loan you will be taking out. For example, the terms on commercial real estate loans are flexible and a no prepayment penalty option is available, while on term loans, you have up to 84 months to repay the amount you borrowed. 

BECU Membership Benefits

When you secure a business loan through BECU, you will automatically be able to access all of the benefits that the credit union offers. These benefits include the following: 

Loan Transparency 

Unlike other financial institutions and lenders, with BECU Credit Union, you can rest assured that you won’t be victimized by predatory lending tactics. That’s because they offer complete transparency on all of their business loans, so you won’t have to worry about being hit by hidden fees or other shady requirements that you were not made aware of upon securing financing. 

Mobile Access

For further convenience, BECU members can utilize the credit union’s mobile access via a smartphone app. The app can be downloaded free-of-charge on Google Play, the Apple App Store, and Amazon. Via the app, you can manage your business loan accounts, including keeping track of and making payments and making modifications to your profile, right from your mobile device. 

Excellent Customer Service and Ample Experience

BECU Credit Union is committed to providing their members with outstanding customer service. They offer a dedicated customer service line, which can be accessed toll-free, 24-hours a day, seven days a week. 

“All business owners in all Washington State counties are eligible to apply for a business membership with BECU.”

Who Should Apply for a BECU Credit Union Business Loan? 

In order to apply for a business loan from BECU Credit Union, you must meet the eligibility requirements. If any of the following pertain to you or your business, you are eligible to apply for a business membership with BECU and can apply for the business loan products that the credit union offers: 

Are Any Businesses Excluded? 

Yes. While your business may meet one of the eligibility requirements outlined above, certain businesses are excluded from opening accounts with BECU Credit Union, and therefore, cannot apply for the business loan products the credit union offers. The following businesses are excluded: 

How to Become a Business Member of BECU Credit Union 

Becoming a business member with BECU Credit Union is easy. To start the process, make an appointment with a BECU Business Consultant or simply visit a Neighborhood Financial Center, where you can join in-person. 

In order to become a business member with BECU Credit Union, you will need the following: 

How to Apply for a Business Loan with BECU Credit Union 

If your business meets one of the aforementioned eligibility requirements and you intend on apply for a business loan through BECU Credit Union, the following steps highlight what you will need to do in order to apply for financing: 

Types of Business Loans from BECU Credit Union 

As mentioned, BECU Credit Union offers several different financing options for eligible business owners. The following is an outline of the different types of products that the Washington-based credit union offers business owners. 

Business Line of Credit

If you are a business owner who is in need of short-term cash to purchase supplies for your business or to improve your cash flow management, a business line of credit from BECU Credit Union may be the right option for you. BECU offers both secured and unsecured business lines of credit that can offer overdraft protection, and that charges no interest until you draw on the line. The benefits and features of a BECU business line of credit include the following: 

To apply for a secured or unsecured business line of credit: 

Term Loans

From new machinery and equipment to new office furniture and everything in between, with a BECU term loan, you can finance the things that you need to keep your business running. BECU Credit Union business term loans offer competitive rates and low fees, as well as access to SBA programs that you can use to expand your financing options. The benefits of a term loan through BECU for your business are as follows: 

To apply for a term loan with BECU Credit Union, you will need to do the following: 

Commercial Vehicle Loans

Whether you need a single van or a fleet of trucks, with a commercial vehicle loan from BECU Credit Union, you can secure the funds that are needed to purchase the vehicles that keep your business running. The benefits of a commercial vehicle loan from BECU Credit Union include the following: 

To apply for a business vehicle loan with BECU Credit Union, you will need to do the following: 

Commercial Real Estate Loan 

Whether you’re purchasing a storefront for a new business or you’re expanding your existing business to a new location, with a Commercial Real Estate Loan from BECU Credit Union, you can secure the financing you require. The benefits of commercial real estate loan from BECU Credit Union are as follows: 

BECU Credit Union offers several types of commercial real estate loans, including: 

What are the Pros of BECU Credit Union Business Loans? 

What are the Cons of BECU Credit Union Business Loans? 

Long application process. It can take a while to complete the necessary forms and to have your loan approved.


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