Lending Services

YOU NEED TO KNOW YOUR BUSINESS IS A PRIORITY

    

Whether you’re thinking about buying a new workspace, renovating your existing space, or paying off your bills, Progressive Credit Union can help you.  We have many business loan products to fit your particular needs, and with our dedicated loans personnel, we can process your application promptly.

Commercial Loans/Mortgages

For businesses requiring capital to finance fixed assets.

Line of Credit

For temporary funds or overdraft protection on your chequing account, Progressive Credit Union can provide you with a business line of credit.

Business Credit Cards

Progressive Credit Union offers two options for the corporate MasterCard.

We also offer a Letter of Credit which provides you with a convenient method of conducting import and export transactions.

APPLYING FOR YOUR COMMERCIAL FINANCING

In an effort to make your commercial financing application go more smoothly, we have compiled a list of items that are or that may be required during the process.

To complete your commercial loan request, the following will be required:

  • Commercial application including names of company officer(s) and position title(s)
  • Personal financial statement of guarantor(s) including two years income tax returns and most recent Notice of Assessment
  • Minimum of two years financial statements for the company (more may be required)
  • Interim income and expense statement containing year-to-date information.

Depending on the borrowing request, the following may also be required:

  • A list of all aged payables and receivables
  • Income and expense projections for the next two years
  • Copies of leases and rent rolls
  • Property details and photos
  • Appraisal of property and/or equipment
  • Environmental report and/or questionnaire
  • Purchase and sale agreement
  • Construction cost estimates and contracts

If anything on this list causes questions or concerns, please do not hesitate to contact our commercial loan specialist, Andy Taylor 458-9145.  He would be pleased to assist you.

  

 

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