Business Frequently Asked Questions

Your questions, answered

We’ve collected some of the most frequently asked questions about our business products and services, and grouped them by topic to make it easier for you to access the information you need to make informed financial decisions.

 

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Business Loans | SBA Loans | Business Credit Cards | Lost My Card | Business Checking & Savings | Online & Mobile Banking | Mobile Payment Services | Select Group (SG) Membership | Business Services | Payroll Processing | Merchant Services | Back to all FAQs

 

BUSINESS LOANS

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SBA LOANS

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  • Are there any fees associated with applying for an SBA loan?

    There are no fees associated with applying for an SBA loan.

  • Can I use an SBA loan to fund a startup?

    Yes, SBA loans can be used to fund startups. The 7(a) or (504) options may fit your financing needs.

  • How do I check my loan status?

    For consumer loans, you can check your loan status by signing in to your online account, then selecting “Application Status” from the next menu. You can also call our Consumer Lending Center at 1-800-580-3300, press option 3 twice or visit your nearest branch.

    For a mortgage or business loan, please communicate with your loan officer regarding your loan status.

  • How long will it take for my business loan application to be reviewed?
    Because there are many variations and options when it comes to SBA loans, the loan closing process can vary widely. However, your initial application will be reviewed and you will be contacted by a business lending officer within three business days.
  • How long will it take to receive my business loan approval?
    Time from application to closing varies, depending on the complexity of the request. We recommend you contact us to complete an application as soon as you have identified a need for financing and that you build a very thorough business plan in order to help us determine the financing options that may best suit your needs.
  • Should I apply for a loan online or in a branch?

    You may apply for a consumer loan or a mortgage loan wherever is most convenient for you. Applying online may be easier because you can ensure you have all the necessary information (paychecks, loan amounts, etc.) to process your loan request, rather than not having all the required materials while applying at the branch. To get started, visit our Loans page or Home Loans page.

    For business loans (excluding business credit cards), call 1-800-580-3300, ext. 53800 to schedule an appointment with a business loan officer to begin the process.

  • What are the interest rates for SBA loans?

    Interest rates are indexed to the Prime Rate, and are based on multiple factors, including collateral, loan term, loan amount and business credit. Once you begin the loan process, your SBA loan specialist can provide additional details on rates you may qualify for.

  • What is the smallest SBA loan amount I can get?

    While amounts vary, RBFCU provides SBA loan products to meet the needs of all small business owner. Seasoned businesses will require proof of income, usually the last three years tax returns. New businesses will need a business plan with 36 months of detailed financial projections. The first 12-month period of the projections must be broken down month-by-month. Contact a Business Solutions representative for more information.

  • What's the difference between an SBA loan and a regular business loan?

    SBA loans are provided through RBFCU and partially backed by the U.S. government. This additional layer of financial backing means potential flexibility for your business. SBA loans may have the potential to provide borrowers with lower down payment requirements and longer loan terms to assist with minimizing monthly payments and improving cash flow.

  • Why should I choose an SBA loan instead of a conventional business loan?
    An SBA loan can be beneficial if you are seeking flexibility in your loan terms. If you are uncertain about the type of loan you may need, our business lending specialists can work with you to determine which option best suits your business.

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BUSINESS CREDIT CARDS

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LOST MY CARD

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BUSINESS CHECKING & SAVINGS

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ONLINE & MOBILE BANKING

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MOBILE PAYMENT SERVICES

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SELECT GROUP (SG) MEMBERSHIP

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BUSINESS SERVICES

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PAYROLL PROCESSING

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MERCHANT SERVICES

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