When it comes to small business credit , RCCU means business.
Our productive loans can be used by members to generate income and to create or sustain self-employment. They can also be used to create employment for others and to provide goods and services for the public.
Under the Productive Loans Portfolio, we normally fund:
Affordable - Save Money
Competitive
-
100% financing up to $150,000 for all categories of loans
-
up to three (3) months moratorium (grace period) on principal payment, when necessary
Flexible
-
up to ten (10) years to repay general business loans and
-
repayment can be extended when applying for a loan to build or buy a home
-
up to ten (10) years to repay loans to purchase agriculture land
Safe
Productive:
-
we fund loans in all sectors – Tourism, Agriculture, Fisheries, Services, Agro-processing, Trading Manufacturing, Retail, Construction, Information technology.
-
we help you with your business plan
-
technical assistance and training
-
access other business services at low cost or no cost to your business
To apply simply come in to our Loans Department and talk to the Business Development Officer (BDO) or save time, call and make an appointment with the BDO.
Here's a checklist of items you'll need to provide us with:
-
Business financial statements ( for existing businesses)
-
Business plan including cash flow projections for 3 years
-
Certificate of Incorporation or Business Registration certificate
-
A minimum of 5% of the loan request as Share savings in your Credit Union
-
Invoices (documentation) to support your application
-
Details of security being offered
-
Details of your liabilities and commitments (loans, hire purchase, household expenses)
- RCCU passbook(s) and photo identification(eg. Social Security Card or passport)
-
if the approved loan is $77,000 and more or if you are 50 years and older, a medical examination is necessary for loan protection insurance coverage.
For loans for Agricultural Land:
In addition to the above you will need:
-
a letter of intent to sell from the property owner or real estate agent
-
current market Valuation of property
-
plan of the land
-
copy of vendor's Certificate of Title and if necessary, a letter from a bank or lawyer indicating the title can be released
Save Money
Access
Convenience
Peace of Mind
To apply call for an appointment with the Business Development Officer (BDO) or come in to our Loans Department to discuss your needs.
Here’s a checklist of items you’ll need to provide
-
recent financial statements for a period of 12 months
-
cash flow projections
-
Certificate of Incorporation or Business Registration certificate
-
a minimum of 5% of the loan request as Share savings in your Credit Union.
-
details of security (collateral) being offered
-
details of your liabilities and commitments for the application
-
your RCCU passbook(s) and photo identification (eg. social Security card or passport)
|
Loans 