As a driven entrepreneur or an experienced business owner, you understand how important it is to choose the right lender for your small business financing needs — whether you’re after working capital to get a new business off the ground, you need a commercial real estate loan to move into your own space, or you’re looking to finance the purchase of commercial equipment. CAMPUS USA Credit Union may be the right partner to help you grow. This Florida credit union offers a selection of small business loan products at competitive rates, delivered with great customer service.
CAMPUS USA Credit Union was first founded in 1935, under the name Gainesville Florida Campus Federal Credit Union. It was the first credit union to exist on a US college campus at that time. An effort to modernize its image led the credit union to change its name to Your Campus Federal Credit union in 1994, and after deciding to become a Florida state chartered credit union rather than a federally chartered one, its brand was again changed — this time to CAMPUS USA Credit Union.
Today, this Florida credit union has become a trusted and respected non profit financial cooperative, serving more than 140,000 members and managing in excess of $2 billion in assets. While it is a state chartered credit union, CAMPUS USA Credit Union is federally insured by the National Credit Union Association. CAMPUS USA Credit Union runs a total of 18 convenient physical branch locations in the state of Florida, and offers access to tens of thousands of additional shared branches and surcharge free ATMs through its partnership with the CO-OP shared network and Publix Presto!.
If you are an ambitious entrepreneur, or you own and run an established business in the state of Florida, the decision to turn to a local credit union for commercial financing solutions is often an easy one. As non profit financial institutions owned by their members, credit unions offer significantly more favorable rates and fees when compared to mainstream banks. In addition, ventures can benefit from the flexibility that credit unions offer.
“This Florida credit union does offer a selection of attractive commercial financing solutions that may help your business thrive.“
What Does CAMPUS USA Credit Union Offer?
CAMPUS USA Credit Union’s range of banking and loan solutions focus primarily on consumers, and as a campus credit union, it is only to be expected that CAMPUS also makes a wide variety of resources available students. Business owners will not find a full service credit union in CAMPUS USA Credit Union, but this Florida credit union does offer a selection of attractive commercial financing solutions that may help your business thrive.
A Range of Business Loan Options
- Business lines of credit. These multi-purpose lines of credit allow your business to get approved for a specific amount, which you will then be able to use on an as-needed basis — in order to finance smaller projects that will allow your venture to grow and expand, or to cover accounts receivable or manage seasonal cash flow fluctuations. The advantage of a business line of credit lies in the fact that you will always have access to the financing you need, and your business only pays interest in the amount you borrow. Once the outstanding balance is repaid, you can borrow again any time.
- Commercial real estate mortgages. Whether your business is looking to make the move from leasing your commercial space to owning your own commercial property, you aim to renovate an existing commercial property, or you are investigating the possibility of buying an investment property to generate income, CAMPUS USA Credit Union offers a wide range of commercial real estate loan options. The commercial mortgages offered at CAMPUS USA Credit Union have no closing costs and loan decisions are made locally in Florida, as well as quickly.
- Commercial vehicle loans. CAMPUS USA Credit Union offers business auto loans for company cars as well as trucks or towing vehicles, with flexible rates and terms. Do you already have an existing commercial vehicle loan? CAMPUS USA Credit Union offers attractive refinancing options to its members.
- Commercial equipment loans. If you need to purchase new equipment for your business, or you are exploring the option of upgrading, modernizing, or replacing the equipment you currently rely on, CAMPUS USA Credit Union offers business equipment loans for a wide range of commercial equipment and machinery for general, heavy, or specialized purposes. Flexible terms are available, and the rates that CAMPUS USA Credit Union offers on these loans are competitive.
- Business credit cards. Finally, CAMPUS USA Credit Union can provide businesses with multiple business credit card options. These include a MasterCard Business Card with an easy savings program and global service, and a CAMPUS Rewards MasterCard Business Card, which has no annual fee, no cash advance fee, and the lowest possible interest rates. The CAMPUS Children’s Miracle Network MasterCard Business Cards that CAMPUS USA Credit Union offers have similar benefits and automatically donate money to the Children’s Miracle Network with every purchase you make.
As a state chartered credit union that manages over $2 billion in assets, CAMPUS USA Credit Union offers significant lending capacity and can make a wide variety of commercial loan amounts available to members that meet the requirements. The repayment terms are flexible, and CAMPUS USA Credit Union offers tailored financial advice to its business members.
Favorable Loan Terms
Members applying for a commercial loan from CAMPUS USA Credit Union can count on favorable and flexible loan terms, subject to discussion with the credit union’s commercial lending department.
Competitive Rates on Business Loan Products
As a member owned and non profit financial cooperative, CAMPUS USA Credit Union exists to serve its members — which may include you. Take advantage of the difference that the credit union model of banking can make to your bottom line, and take your venture into the future by making the extremely competitive rates that CAMPUS USA Credit Union offer work for you. The precise rates you will be offered depend on factors that include your business credit score and the number of years your company has been in business, but CAMPUS USA Credit Union will always strive to provide you the best possible rates on their commercial financing solutions.
Business Checking Accounts
CAMPUS USA Credit Union does not offer a full range of business banking solutions, but does have a variety of business checking accounts to meet your needs. Ventures can choose from three unique tiers of checking accounts to fit their particular circumstances, and the options that CAMPUS USA Credit Union offers include:
- Business eChecking accounts, which do not earn interest but do give you full access to the services you need to conduct your day to day business banking needs through the credit union’s online and mobile banking platforms.
- Business Checking Plus accounts, which allow business members to earn 0.05% APY on balances of $2,500 or above.
- Capital Business Checking accounts are available to those CAMPUS USA Credit Union business members with higher average balances and a higher volume of monthly transactions. These checking accounts will earn you an interest rate of 0.15% APY if you are able to maintain an average monthly balance of $25,000 or more.
Payment Processing Services
Because CAMPUS USA Credit Union has partnered with Heritage Payment Solutions, businesses will be able to take advantage of Visa and MasterCard payment processing solutions that your customers will also benefit from. Points of sale may be storefront based as well as mobile or online, and members of CAMPUS USA Credit Union do not face application, contract, or cancellation fees.
In addition to operating 18 branch locations in Florida, CAMPUS USA Credit Union offers secure, modern, and streamlined online banking through their online banking portal as well as by way of a dedicated CAMPUS USA Credit Union mobile app.
CAMPUS USA Credit Union will offer you access to a financial management tool as well as electronic monthly statements, and all of your commercial loan repayments can be handled electronically.
Benefits for Select Employer Groups
In partnering with CAMPUS USA Credit Union through the credit union’s Select Employer Group program, your business will gain access to a range of special perks that include financial education programs, networking opportunities within the Florida business community, and financial services at competitive rates for all of your employees.
Excellent Customer Service
Are you in search of a commercial loan provider that will offer you the most favorable rates possible, and give you the most flexible terms available? In working with CAMPUS USA Credit Union, you will gain that, but you will also be able to count on a smooth working relationship with CAMPUS USA Credit Union’s commercial services team. At CAMPUS USA Credit Union, you will never be just another customer — you will be a valued member.
“CAMPUS USA Credit Union offers a range of commercial loan solutions at competitive rates.”
Who Can Apply for a Business Loan From CAMPUS USA Credit Union?
CAMPUS USA Credit Union offers a select range of business loan products at competitive rates and with flexible terms — but to be able to profit from the perks this credit union makes available, you will first have to become a member of CAMPUS USA Credit Union. Like all other credit unions, CAMPUS USA Credit Union has a defined field of membership, so before your business considers requesting a commercial loan from this credit union, you will have to discover whether you are eligible to join CAMPUS USA Credit Union.
The following categories are eligible to become members of CAMPUS USA Credit Union:
- Individuals who work, live, or attend school in the Florida counties that CAMPUS USA Credit Union serves, and businesses or non profit organizations registered in these counties. Should you run a business in Alachua, Citrus, Clay, Columbia, Duval, Gadsden, Gilchrist, Hernando, Hillsborough, Jefferson, Lake, Leon, Levy, Madison, Marion, Nassau, Orange, Pasco, Polk, Seminole, Sumter, Suwannee, Taylor, and Wakulla counties in Florida, you will be able to join CAMPUS USA Credit Union.
- Is a close relative of yours already a member of CAMPUS USA Credit Union? You will be able to join if a spouse, sibling, child, parent, grandparent, grandchild, or other close relative is a part of CAMPUS USA Credit Union.
- Current students and alumni of the University of Florida are also eligible to join CAMPUS USA Credit Union.
- If you are employed by the University of Florida, UF Health, the UF Institute of Food and Agricultural Sciences, or the Florida Farm Bureau Federation, you are eligible to become a member of CAMPUS USA Credit Union.
- Members of the University of Florida Alumni Association, the Humane Society of Marion County, Inc, AAA South, the Auto Club Group, or the Matheson History Museum, may also join.
Larger businesses may also wish to explore the possibility of becoming a CAMPUS USA Credit Union financial partner by joining the credit union’s Select Employer Groups; this requires filling out a dedicated form, and will allow your employees to enjoy unique membership perks as well.
Is a path to membership open to your business? Your next step will lie in completing an application to join CAMPUS USA Credit Union. This will typically require all prospective account holders to submit their social security numbers, a valid government issued ID such as a driver’s license, and proof of eligibility (such as proof that your business is registered in one of the Florida counties that CAMPUS USA Credit Union serves). It will also be necessary to supply your current credit card details or a bank routing number, in order to fund the new account that will establish your membership with CAMPUS USA Credit Union.
Once you have joined CAMPUS USA Credit Union, it then becomes possible to apply for any of the commercial loan options that this Florida credit union makes available to business members that qualify.
What Types of Business Loan Products Does CAMPUS USA Credit Union Offer?
CAMPUS USA Credit Union offers a range of commercial loan solutions at competitive rates, but because this credit union does not currently provide a comprehensive business lending program that would cover any financing needs your venture may have, you will want to consider whether joining CAMPUS USA Credit Union is in your best interest.
Commercial Real Estate Mortgages from CAMPUS USA Credit Union
Are you looking to purchase owner occupied commercial property, whether that is a retail facility, industrial space, office building, or other property, in the state of Florida? Are you planning to renovate or expand an existing commercial property, or are you considering refinancing an existing commercial mortgage? CAMPUS USA Credit Union offers commercial real estate loans with flexible terms at extremely competitive rates, and their commercial real estate mortgages have no closing costs. Count on fast loan decisions made locally, and local underwriting, when you partner with CAMPUS USA Credit Union.
Do you need a loan of $1 million or above? CAMPUS USA Credit Union will ask you to conduct an appraisal, at your business’ expense, before you can be approved for a commercial real estate mortgage, and the credit union will also likely require that you purchase flood and title insurance.
Business Lines of credit From CAMPUS USA Credit Union
Revolving lines of credit allow ventures to grow and expand, by offering access to a constant stream of working capital, and they may also be used to cover temporary cash flow challenges — making them the perfect answer for accounts receivable or seasonal low points in your business. The lines of credit that CAMPUS USA Credit Union offers are available with flexible terms and for a variety of loan amounts, depending on the nature of your business.
Once you are approved for a multi-purpose line of credit from CAMPUS USA Credit Union, you will be able to borrow up to the limit any time you have a need for funding, and your business will only pay interest in the amount it has borrowed. You can make easy repayments whenever funds are available, and CAMPUS USA Credit Union does not place a limit on the amount of withdrawals you can make.
Commercial Vehicle Loans From CAMPUS USA Credit Union
If your business is intending to purchase a new or used commercial vehicle, such as a car, SUV, van, truck, or towing vehicle, CAMPUS USA Credit Union offers commercial auto financing at flexible rates and with a variety of terms. You may be able to secure financing for a commercial fleet through CAMPUS USA Credit Union, and loan decisions are made locally and quickly.
Commercial Equipment Loans From CAMPUS USA Credit Union
No matter what line of business you are in, your business depends on equipment and machinery. CAMPUS USA Credit Union is able to offer you business equipment loans that allow you to purchase, modernize, upgrade, or replace general, heavy, and specialized machinery and equipment. With these loans, which may have a wide variety of terms and which are offered at especially favorable rates, you will be able to realize your vision for the future.
What Types of Commercial Loans Does CAMPUS USA Credit Union Not Offer?
CAMPUS USA Credit Union offers an attractive range of business loan products to members in Florida, but this state chartered credit union is not at present able to offer business term loans, which often play a critical role in providing working capital, or business acquisitions loans that would enable your venture to expand. Small Business Administration loans, which give small business access to Federally backed funding and competitive rates, are also notably missing from the range of commercial loans that CAMPUS USA Credit Union can make available.
How Do You Qualify for a Commercial Loan From CAMPUS USA Credit Union?
While business members of CAMPUS USA Credit Union can expect great customer service as well as favorable rates and flexible terms on commercial loan products, credit unions use the same process as mainstream banking institutions to assess whether you can be approved for a business loan. When you apply for a commercial loan from CAMPUS USA Credit Union, you will have to submit a completed application form and the following documentation:
- Business financial statements, which should usually date back three years, while two years may be sufficient for smaller loans. Interim financial statements may also be requested.
- Business Federal tax returns for the last two or three years should be provided as well.
- Personal financial statements for individuals who will be serving as principals or guarantors, for the last two or three years.
- Personal Federal tax returns should be provided by principals and guarantors.
- CAMPUS USA Credit Union will request copies of your formation documents, such as Partnership Agreements, Operating Agreements, or Articles of Incorporation, and relevant supporting documentation.
- In the case of secured loans, it will be necessary to pledge collateral.
- New businesses should provide a detailed business plan.
Moving forward, CAMPUS USA Credit Union will assess your business credit score. In order to secure favorable rates, this should be at least 80 to 100 on the Dun & Bradstreet (D&B) PAYDEX score. Principals and guarantors should, meanwhile, have a FICO score of 670 or above. The credit union will additionally look into your annual revenue and profit and debt to income ratio, which will allow the commercial lending team at CAMPUS USA Credit Union to establish whether your particular business will be able to carry the loan you are requesting.
This process will start with a friendly meeting with a member of the business services team at CAMPUS USA Credit Union, during which you can discuss your needs and your vision for success, as well as your plan for repayment. Because loan decisions are made locally, CAMPUS USA Credit Union will be able to make a decision more quickly than a traditional banking institution could.