- Frequently Asked Questions
- Business Services
Business Services
Do I need a down payment for business loans?
Yes, down payments for business loans are required. They typically range from 15%-25% of costs for real estate loans and 15%-20% of costs for equipment loans. If you wish to seek financing to start up a business, you will typically be expected to provide at least 15% of the total initial cost. These are ranges and may be higher or lower depending on your individual request and how strong the business financials are.
Do you offer Paycheck Protection Program (PPP) SBA loans?
The federal government has resumed accepting applications for PPP loans. As of April 29, 2020, we are accepting applications for Oregonians members only.
For more information, click here.
What kind of equipment will you loan to my business?
Oregonians offers loans for almost any type of equipment your business may require, including machinery, construction equipment, computer systems, phone systems and more.
The value of an equipment loan typically ranges between $10,000 and $150,000.
What is the longest term Oregonians will offer for a business loan?
The maximum term Oregonians can provide depends on the purpose of the loan and the available collateral.
How quickly will I receive the funds from my business loan?
If the collateral does not involve real estate, funds are often available within a few days of approval. If loans are secured by real estate, the process may take a couple of weeks. This will depend on appraisal and if loan meets the guidelines.
How quickly will I receive a decision on my business loan?
You will usually receive an answer within three business days from the date Oregonians receives your completed application. ALL information requested on the application must be received before the application is considered complete. Decisions are often provided in a shorter time frame, and occasionally additional time may be required if there are discrepancies or additional questions.
Does Oregonians make Small Business Administration (SBA) loans?
Yes, Oregonians makes Small Business Administration (SBA) guaranteed loans. We can work on SBA 7A loans only at this time. For CARES Act Payment Protection loans, please view more information here.
What is a business plan?
A business plan is a written document that outlines the specifics of your enterprise. This includes information on the mission of your business, its products/services, the market that it serves, the competition, and the goals and obstacles that your business may face in the future.
Will Oregonians require personal guarantees for business loans?
In general, Oregonians requires personal guarantees from anyone who owns 20% or more of a business. We will require a majority representation. All loans will have to have personal guarantees, including non-profits at this time.
What fees will be charged on business loans?
Fees charged vary by loan depending on a variety of factors as follows:
- Amount of the loan request
- Type of business loan
- Amount of business you do with Oregonians
- Financial condition of the borrower and guarantors
- Interest rate
Do you finance equipment for my business?
Yes, we finance equipment. We provide loans to acquire new or used equipment, and we consider requests to refinance existing equipment loans.
Do I need a business plan to apply for a loan?
For new or start-up businesses (See definition), a detailed business plan with cash flow projections that cover at least 12 months is strongly recommended to obtain a small business loan or startup loan.
What financial information will I need to provide for a business loan?
The information requirements for loans vary based on the size of your loan request and the balance of your existing loans with Oregonians. Typically, we require 2-3 years of business financial statements and personal financial statements of any applicant who owns 20% or more of the business, current company financial interim's, and schedule of business debt.
Do you offer accounts to Marijuana-related businesses?
At the present time, Oregonians' policy prohibits providing accounts and services to marijuana-related businesses due to the enhanced regulatory and compliance burdens, costs, and risks involved in providing service to these organizations.
This includes any business or organization that cultivates, processes, transports, distributes, or sells marijuana in any form or derivation as well as any business that may consult, support, or otherwise draw income from marijuana- related businesses.
By opening an account, each authorized signer certifies that the business or organization does not engage in any of the activities (directly or indirectly) described above. Oregonians reserves the right to terminate services at any time without notice if we determine in our sole discretion that there is a risk that a business or organization is engaged in the activities described above (or in any other activity that we determine is outside its risk tolerance).
If you have any questions, please email us at memberservices@ofcu.com.
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