Business Loans

Loans to Grow Your Business

You started your business for a reason. You serve your customers, contribute to your community, provide valuable services, and ultimately build a better life. 

We understand, because at PSECU, our purpose is to help people live a better life. We provide loans with low interest rates, low or no fees, and workable term options to Pennsylvania businesses – all to help you finance opportunities. 

Learn about our business loan options:

Equipment loans can help you secure the equipment your business needs, with: 

  • Low rates 
  • Loan terms up to 84 months
  • Up to 100% financing available
  • Loan amounts available up to $200,000, if qualified
If your equipment loan needs exceed $200,000, please contact us to see if we can help. For all equipment loans, business borrowers pay all costs for filing the appropriate Uniform Commercial Code (UCC) form(s). 

Some restrictions apply. See lien information, restrictions, and information required by PSECU below.
 

When your business needs wheels, we can help. We offer low rates and terms as long as seven years. Pennsylvania businesses can choose: 

  • Business vehicle financing for new or used business cars, vans, and light-duty trucks, including commercial vehicles
  • Lease buyouts
  • Refinancing

Loan approvals are valid for 60 days. For 61- to 72-month loans, the minimum amount financed must be at least $12,000. For 73- to 84-month loans, the minimum amount financed must be at least $20,000. Learn more about financing for business vehicles.
 
Term loans provide cash for business expansion, repairs, or debt consolidation. You’ll benefit from the convenience of predictable repayment terms over a fixed period. 

Our term loans have low rates and no prepayment penalties. Unsecured loans offer a fixed 5-year term.1 Secured loans have the option of a 5-year or 10-year term.2
 

Secured term loans: Use real estate as collateral to secure your term loan. Eligible properties include: 

  • Currently owned one-, two-, three-, or four-unit properties
  • Double-wide mobile homes built after June 1976, on permanent foundation, title retired
  • Condominiums or townhouses
  • Vacation homes
  • Agricultural or mixed-use properties

Ineligible properties include:

  • Those with cesspools, cisterns, spring water, or gravity heat
  • Those located in an industrial or commercial zoned area
  • Those owned by a trust as identified on the deed
  • Time-share properties
  • Those with gas/oil wells or coal mines
  • Single-wide mobile homes

Fund inventory, seasonal cash flow, unexpected savings opportunities, or other short-term needs. Lines offer $5,000 to $50,000 in credit, with interest and principal paid monthly.
  • Unsecured line of credit3
    • No collateral required 
    • 5-year advance period and a 10-year repayment term from the date of the last advance
  • Secured line of credit4: Use real estate as collateral, with a 5-year advance period and a 10-year repayment term from the date of the last advance. Eligible properties include: 
    • Currently owned one-, two-, three-, or four-unit properties
    • Condominiums or townhouses
    • Vacation homes
    • Double-wide mobile homes built after June 1976, on permanent foundation, title retired
    • One- to four-unit investment (rental) property
    • Agricultural or mixed-use properties

Ineligible properties include:

  • Those with cesspools, cisterns, spring water, or gravity heat
  • Those located in an industrial or commercial zoned area
  • Time-share properties
  • Single-wide mobile homes
  • Those owned by a trust as identified on the deed
  • Those with gas/oil wells or coal mines
  •  

Small Business Administration (SBA) loans by Newtek™ offer financing to:

  • Fund your business: Establish a new business, acquire 100% of an existing business, assist in business operation or expansion, or pay franchise fees.
  • Finance business expenses: Pay salaries and vendors, purchase inventory, advertise, finance receivables, pay bookkeeping and legal fees, or rent office space.
  • Purchase equipment: Purchase office equipment, computers, furniture, fixtures, manufacturing equipment, or heavy machinery.
  • Purchase or improve owner-occupied real estate: Purchase or construct buildings, make leasehold improvements, expand or renovate facilities, or buy land.5

SBA loan benefits include:
  • Loan amounts up to $2 million
  • Competitive rates that vary with prime rate
  • Longer repayment terms
  • No balloon payments
  • Easy application process

Newtek Business Services, Inc., is not an affiliate company of PSECU.
 
1 Unsecured term loans: No collateral required. This is a closed-end loan. Minimum loan amount $5,000. Maximum repayment term for initial loans is 5 years. Maximum initial loan amount is $50,000. 

2 Secured term loans: Collateral is required. This is a closed-end loan. Borrower may pay costs for third-party verifications. LOANS IN PERSONAL NAME(S): Borrow up to 80% of the appraised value, less any liens on the property being mortgaged. PSECU must be first or second lien holder. Minimum loan amount $5,000. There is a 5-year term maximum for loan amounts of $50,000 and less and 10-year term maximum for loan amounts of $50,001 or more. Existing PSECU Secured Business Term loans may be refinanced for additional funds of $5,000 or more. A current personally titled residence, vacation home or investment (rental) property that is located within Pennsylvania may be used as collateral. Check with a qualified tax advisor to determine if the interest may be tax deductible. LOANS IN A BUSINESS NAME(S): Borrow up to 80% of the appraised value on loan amounts from $5,000 to $100,000. Borrow up to 70% of the appraised value on loan amounts greater than $100,000. PSECU must be first lien holder. Minimum loan amount $5,000. There is a 5-year term maximum for loan amounts of $50,000 and less and 10-year term maximum for loan amounts greater than $50,000. Existing PSECU Secured Business Term loans may be refinanced for additional funds of $5,000 or more. A current residence, vacation home, 1- to 4-unit investment (rental) property, mixed-use property or agricultural property that is located within Pennsylvania may be used as collateral. Check with a qualified tax advisor to determine if the interest may be deductible.

3 Unsecured lines of credit: Important Information About Business Lines of Credit: For Sole Proprietors, the interest rate may vary monthly and the interest rate assigned may vary from 0% to 0.5% added to the prime rate as published in the Wall Street Journal on the last day of the month prior to the most recent full calendar month. For LLCs, Corporations, and Limited Partnerships, the interest rate may vary monthly and the interest rate assigned will vary from 0.5% to 1.5% added to the prime rate as published in the Wall Street Journal on the last day of the month prior to the most recent full calendar month. The maximum Annual Percentage Rate is 18%. The minimum Annual Percentage Rate is 3%.

PSECU requires a payment each month a payment is due. The due date for lines of credit is the 16th of the month.

Business loans are available to businesses located within the State of Pennsylvania ONLY.

4 Secured lines of credit: Collateral is required. This is an open-end loan. Borrower may pay costs for third-party verifications as necessary. LINES IN PERSONAL NAME(S): Borrow up to 80% of the appraised value, less any liens on the property being mortgaged. PSECU must be first or second lien holder. Minimum line amount $5,000. Interest and principal payments required. Check with a qualified tax advisor to determine if the interest may be tax deductible. LINES IN BUSINESS NAME: Borrow up to 80% of the appraised value on loan amounts from $5,000 to $100,000. Borrow up to 70% of the appraised value on loan amounts greater than $100,000. PSECU must be first lien holder. Minimum line amount $5,000. Interest and principal payments required. Check with a qualified tax advisor to determine if the interest may be tax deductible.
 
5 If purchasing, owner must occupy at least 51% of the real estate; if constructing, owner must occupy at least 67%.

 

Our Business Loan Rates

Equipment Loan Rates

Description Term APR
New / Used Equipment 12 - 36 Months 3.49%
New / Used Equipment 37 - 60 Months 4.49%
New / Used Equipment 61 - 721 Months 4.99%
New / Used Equipment 73 - 842 Months 4.99%
*APR denotes Annual Percentage Rate
1 = Minimum amount financed must be at least $12,000;
2 = Minimum amount financed must be at least $20,000.
Important: PSECU will not finance equipment with flood, theft, or salvage history. Business loans are available to businesses located within the State of Pennsylvania ONLY. Rates listed are for Sole Proprietorships. General Partnerships, Corporate, LLC, and Limited Partnership equipment loans may vary from 3.74% APR to 6.24% APR depending on information provided by the applicant, an evaluation of credit, term selection, and type of equipment purchased.

PSECU Business Loans: What You Need to Know 

Business loans have specific requirements and conditions. PSECU can offer financing only to businesses located in Pennsylvania.

If you’re considering PSECU business financing, you’ll find more details below. 
 
If you have questions, please call PSECU Business Services at 800.237.7328, extension 3875 or contact us online.


Lien Information

To list PSECU on a vehicle or equipment title, please give the following address to the dealer:
Pennsylvania State Employees Credit Union
P.O. Box 67013
Harrisburg, PA 17106-7013
 
Perfection of liens on financed equipment will be evidenced by filing the appropriate UCC-1 financing statements with the state of Pennsylvania.


Restrictions on Business Liens

PSECU will only finance vehicles or equipment located and titled in the state of Pennsylvania. There are some transactions and vehicles or equipment for which PSECU will not lend funds. PSECU reserves the right to refuse to lend upon any collateral. 
 
Before attempting to finance any equipment, or a business or commercial vehicle, through PSECU, please contact Business Services at 800.237.7328, extension 3875, nationwide (USA) to determine if PSECU will be able to provide financing.


Equipment and Vehicles: Information Required By PSECU

 

  • Equipment: 
    • Year, make, model, options, hours used, and serial number of equipment being purchased
    • Complete copy of bill of sale or invoice
  • Vehicles: 
    • Year, make, model, options, and VIN of vehicle being purchased
    • Complete copy of bill of sale 
    • Copy of window sticker for new vehicles
  • Equipment::
    • Year, make, model, options, hours used, and serial number of equipment being purchased
    • A completed Equipment Owner's Agreement form for a private-party equipment purchase between seller(s) of equipment and purchaser(s) of equipment being financed through PSECU

  • Vehicles:
    • Year, make, model, mileage, options, and VIN of vehicle being purchased
    • Complete copy of vehicle registration card, including both sections with vehicle information and owner's signature 
  • Equipment:
    • Year, make, model, options, hours used, and serial number of equipment being purchased
    • Name, address, and telephone number of present lending institution
    • Account number and buyout or payoff of existing lease or loan
    • Copy of bill of sale or invoice for equipment purchased within the past 90 days
  • Vehicles: 
    • Year, make, model, mileage, options, and VIN of vehicle being purchased
    • Name, address, and telephone number of present lending institution
    • Account number and buyout or payoff of existing lease 
  • Equipment:
    • Year, make, model, options, hours used, and serial number of equipment being refinanced
    • $1,000 addition to the existing loan balance required
  • Vehicles: 
    • Year, make, model, options, mileage, and VIN of vehicle being purchased
    • Original title held by PSECU
    • $1,000 addition to the existing loan balance required
  • Equipment: 
    • Year, make, model, options, hours used, and serial number of equipment being financed
    • Name, address, and telephone number of present lending institution
    • Account number and payoff amount from present lending institution
    • Copy of bill of sale or invoice for equipment purchased within the past 90 days
  • New vehicles (purchased within 90 days): 
    • Year, make, model, mileage, options, and VIN of vehicle being purchased
    • Name, address, and telephone number of present lending institution
    • Account number and payoff of existing loan
    • Copy of bill of sale and window sticker
  • Used vehicles: 
    • Year, make, model, mileage, options, and VIN of vehicle being purchased
    • Name, address, and telephone number of present lending institution
    • Account number and payoff of existing loan
  • Equipment:
    • Year, make, model, options, hours used, and serial number of equipment being financed
  • Vehicles:
    • Year, make, model, options, mileage, and VIN of vehicle currently owned
    • Original title

Business Services from PSECU

We are here to offer services for people in all stages of life, including business owners. In addition to loans, we offer business checking, share savings, and certificate accounts.

Find out how our services for businesses can make managing your business finances as affordable and convenient as your personal finances.

 

Apply for a Business Loan


Ready to apply for a loan? To apply for a business loan, select the type of business you own to obtain the forms and information you’ll need.

Need a PSECU Business Account?

If you’re already a PSECU member you can apply using our paper application. 

If you’re not yet a PSECU member, you will need to take a few steps before you can apply for a business loan.

  1. Become a member of PSECU.
  2. Apply for a business account. Business accounts are available only to businesses located in Pennsylvania.
  3. Apply for your business loan.

Joining PSECU takes less than 15 minutes, and you’ll benefit from great rates, low fees, and more money back  each year.