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Borrowing Made Easy
Lakeland Credit Union offers financing solutions for your organization that ensure we provide you with the best and most flexible options at competitive rates. Among them are innovative solutions designed to meet the unique needs of both small and start-up businesses. Our Commercial Lenders have the experience, local knowledge and ability to make fast decisions.
- Loans Commercial Lending Options
- Lines of Credit
- Letter of Credit
- Credit Limit / Authorized Overdraft
- Equipment Financing
- Commercial Real Estate Business Solutions
Lakeland Credit Union has a variety of lending options to suit every business’s needs. Book an appointment with one of our lenders today!
Here are a few of the services we offer:
- Term loans which can be used for various financing options
- We do offer fixed and variable rates
A line of credit is a revolving loan that gives you easy access to funds up to a specified limit.
- It offers a flexible and convenient way to borrow.
- You only pay interest on the amount of credit you use.
- Once you have paid off part or all of the credit limit, that amount becomes available again -- which means you do not have to constantly re-apply for a new loan.
- You can use your line of credit to manage your day-to-day cash flow.
- Take advantage of unexpected business opportunities.
- Take advantage of supplier discounts.
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Credit Limit / Authorized Overdraft (operating loan) -- An operating loan is an authorized overdraft on a chequing account and is generally lower than a line of credit. It is usually used for very short-term borrowing. The interest rate is variable and comparable to a line of credit interest rate. Depending on the loan amount and the individual situation, an operating loan may be secured or unsecured.
A letter of credit is a guarantee that a buyer's payment to a seller will be received on time, in full, and with specified conditions met. It is a legally binding contract issued by a financial institution, and in the event a buyer is unable to fulfill his obligations, the financial institution will cover the outstanding amount.
- For example, a municipal government may require a builder to get a letter of credit as insurance against damage to town property. If the builder damages sidewalks or other property in the construction process, the town is assured that the builder has funds (or will have access to funds) to cover the damage.
- Provincial New Home Warranty programs may require builders to get letters of credit to show the builder will be able to cover any deficiencies that may arise.
All normal lending limits and criteria apply to letters of credit.
A credit limit or authorized overdraft is a revolving credit that gives you easy access to funds up to a specified limit. It is set up on your chequing account and offers a flexible and convenient way to borrow.
How it works:
- Conveniently access the funds through your Member Card® debit card, cheques, and online banking.
- Only pay interest on the amount of credit you use.
- Once you have paid off part or all of the credit limit, that amount becomes available again -- which means you do not have to constantly re-apply for a new loan.
- Variable interest rate.
- Manage your day-to-day cash flow.
- Take advantage of unexpected business opportunities.
- Take advantage of supplier discounts.
Lakeland Credit Union has a variety of equipment financing options to help you acquire new or used equipment. We understand how easily external factors can affect your business and we are here to help. We provide informed advice on every aspect of your equipment acquisitions, maintenance, valuation and resale.
Some services we offer:
- Secured line of credit
- Capital asset purchasing loans
- Fixed and variable rates
Here at Lakeland Credit Union we understand what makes your business operate, we know how important quick response times are to you. We have established ourselves as a long standing and credible lender due to our understanding of the marketplace. Our Commercial Lenders have decades of successful lending experience to suit any borrower’s needs. Let get started today!
Some services we offer:
- Land development loans
- Single and multi-tenant construction (commercial/industrial/residential) and term (mortgage) facilities
- Speculative home financing
- Fixed and variable rates