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Term Loans and Lines of Credit

Loans

No matter what the size of your business, we can help.

Commercial loans are available for a variety of uses, including the following:

Term Loans

A term loan usually has a regular monthly payment. The interest rate can be fixed or variable. The amount borrowed may be fully repaid during the loan term, or may include a balloon payment. Term loans are commonly used to:

  • Purchase or refinance machinery, equipment and vehicles
  • Purchase or refinance real estate
  • Start, purchase or expand a business
  • Invest additional capital in a business

 

Line of Credit

In business, unexpected expenses can occur almost anytime. When these situations occur, a Commercial Line of Credit from PyraMax Bank can benefit your business greatly.

This is a revolving loan with a maximum limit. Loan proceeds can be drawn and repaid as needed during the term of the loan. The interest rate is usually variable with interest payments due each month. Common uses include:

  • Support for daily or seasonal changes in business cash flow
  • Working capital for timing differences in the normal business cash flow cycle
  • Temporary capital needs that will be repaid by an identified future source of funds

 

Letter of Credit

This document is given to a third party to guarantee performance under an agreement or the payment for goods or services. The terms normally include a variable interest rate and a maturity of one year or less. They can be used to:

  • Guarantee payments to suppliers
  • Guarantee performance of a developer's agreement
  • Provide a performance bond for public works contracts

 

Learn more about Commercial and Industrial Solutions at PyraMax Bank

 

 

 

 

 

*Effective May 11, 2018, new rules under the Bank Secrecy Act will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats.

Each time an account is opened for a covered Legal Entity, we are required to ask you for identifying information (name, address, date of birth, social security number as well as identification documents) for each individual that has beneficial ownership (25% or more) and one individual that has significant managerial control of the Legal Entity.

If you are opening an account on behalf of a Legal Entity, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge.

We proudly support all efforts to protect and maintain the security of our customers and our country.

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Find out how PyraMax Bank can assist with merchant credit card processing, check guarantee services, gift cards, loyalty solutions and more.

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