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:

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

 

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.