Credit Unions Have Great Business Accounts

Credit unions are a cornerstone of many communities, as their products and services support not only individuals but businesses as well. Credit union business checking and savings accounts are just the tip of the iceberg when it comes to accounts offered to businesses, small or large. Credit unions offer better interest rates than banks or other financial institutions because they’re owned by their members. Below is a list of business accounts that credit unions like Rivermark offer.

Business Checking

Business checking accounts are versatile accounts that allow you to do transactions safely, securely, and easily. Having a checking account for your business is only the beginning of how a credit union can support the financial aims and goals of your business. Many have a minimum monthly balance and may charge a few dollars for dipping under the required minimum.

Rivermark offers two checking options for our business members. Business Checking has no monthly fee and offers everything that a business owner needs to manage their money. Business Checking Plus allows our members to grow their business capital with a great rate, while having all the necessities for simple money management.

Business Savings

Business savings accounts are a great way to build a safety net for your business. By allocating funds in a savings account to grow in good times, you can rest assured that you have some safety during uncertain times. Perhaps you’re a small business interested in opening a second or third location. When you have a savings goal in mind, a savings account can help your business reach its goals.

Every business membership at Rivermark starts with Business Savings account. There are no monthly fees our savings account makes building wealth for your business a breeze.

Business CDs

Business certificates of deposit, or CDs, are available to businesses that are interested in earning a higher rate on their savings with no market risk. There is typically a minimum to open and these certificates of deposit offer a higher return than a savings or a money market account. They are also federally insured by the NCUA for up to $250,000.

At Rivermark you can open a business CD for as little as $500. We offer flexible terms from six months to three years to work around your business needs.

Business Money Market

Business money market accounts are great for businesses that are doing well and want to earn a bit more than the average business checking account. There’s normally a minimum balance to open this type of account, though a perk often offered is that there aren’t monthly account fees. As with other money market accounts, you’re allowed to write a few checks and use the associated debit card a few times too, but you can only access the funds so many times each month to help you save more.

Rivermark’s business money market accounts are a great way to save for future plans. We offer tiered dividend rates and no monthly fees.

Business Loans

Business loans offer a way to help you and your business where you need it. Credit unions offer a variety of lending options to help businesses, the most popular being term loans or lines of credit.

A business term loans can be used to consolidate your expenses, expand your business, or even buy new tools. Credit unions that offer these loans usually do so with fixed terms, both in terms of time and interest rate. There are secured and unsecured options for the loan and the collateral used will usually include business assets or equipment.

Lines of credit are a convenient way to access extra funds when you need them, whether you’re expanding your business, seeking to pad yourself in order to ease cash flow issues, or manage other areas of the business, such as inventory, accounts receivable, or other operations. Lines of credit can offer lower monthly payments than credit cards, and you can typically draw on the line of credit and move funds directly to a checking account. They also have the added benefit of you being able to repay and borrow as needed.

Rivermark offers both a term loan and line of credit option for business members. We understand the need to have access to capital and our business bankers are here to make that a reality.

Real Estate

Commercial real estate loans are available if you’d like to invest in commercial property. Lending solutions are available to help your business grow. Credit unions typically offer both adjustable and fixed rate options. Rates are personalized to your business, and the property can be occupied either by an owner or a non-owner. Buildings or spaces that would fall under this loan type include office space, multi-unit properties or apartment complexes, or facilities that would then lease space to tenants.

Rivermark makes commercial real estate loans simple. We offer flexible financing to meet the needs of your business. Our business bankers offer personalized solutions created solely to make your business thrive.

Auto Loans

A business auto loan is a perfect way to get a new vehicle for your business. You can have less interest to pay, have the vehicle in your business’s name, and get it more quickly when you go through a credit union. Most credit unions even offer up to 100% financing on business auto loans.

Rivermark offers business auto loans with low fixed rates for both new and used vehicles, with terms up to 84 months. We have also partnered with Auto Solution to make finding your business vehicle even easier. Auto Solution will do the research finding the perfect car for your business and even bring it to you to test drive!

Credit Cards

Credit cards can be a vital necessity for running a business. It allows your business access to money when you need all while building the credit for your business’ future. Business credit cards also work well as a source for overdraft protection on business checking accounts. You have the ability to issue separate cards to employees each with different spending limits.

Rivermark’s Business Cash Back Visa credit card gives you 1% cash back on every purchase everywhere you spend money for your business. With credit limits up to $49,500, zero penalty charges and no added fees for balance transfers or cash advances it’s the perfect credit card for every business!

Every good business needs a great financial provider and Rivermark is here to help your business thrive. Our skilled business bankers will work alongside you creating a path to financial success. For any and all questions about housing your business’s financial accounts with Rivermark, reach out to us today.