United Bank believes that our communities thrive when small businesses succeed. A business loan is a foundational tool to provide capital, whether your business operates as a sole proprietorship, a partnership, an LLC or corporation. There are multiple types of loan options, typically falling into two categories:
With a business Installment Loan, the loan proceeds are disbursed in a single lump sum and the loan is repaid by making a monthly payment. Installment loans are typically used for:
- Purchase Machinery & Equipment
- Purchase or refinance commercial real estate: land and/or buildings
- Purchase or refinance residential real estate
- Purchase or refinance transportation equipment (passenger vehicles, business vehicles, commercial vans & trucks)
Lines of Credit
Lines of credit are typically used for working capital or construction projects.
With a business line of credit for working capital, the loan funds may be borrowed, repaid, and borrowed again subject to the terms of the loan up to the available credit limit and the monthly payment adjusts based on the outstanding balance owed.
With a business line of credit for a construction project, the loan funds are disbursed based on the percentage of completion of the project, and the monthly payment adjusts based on the outstanding balance owed.