Here at Seneca Savings we pride ourselves on a vast array of lending products we can offer our commercial customers. We offer great terms, rates and no application fees. Our decisions are local decisions that best fit our customer needs into the right loan product.
Used for to finance equipment, other fixed assets, and permanent working capital. Fixed and variable rates are available. Repayment terms up to 5 years.
Used for to purchase a new property, construction of a new building or addition, or used for the refinance of existing debt using a property as collateral. Finance terms up to 25 years
Working Capital Lines of Credit
Used for short term borrowing needs. Example cash flow shortage, financing receivables, purchasing inventory. It is interest only on the money borrowed. Has a 30 day pay down to zero once a year requirement. The rate is a variable rate.
Equipment Lines of Credit
It is a set available dollar amount for the purchase of equipment. Funds always available up to the set dollar amount. Loan terms available up to 5 years per draw.
Access Line of Credit
Does not have require a 30 day pay down to zero once a year. Payment is 1/60 of the outstanding balance plus interest. The rate is a variable rate.
Mortgage Access Line of Credit
It is secured by real estate the payment is based on 1/180 of the monthly principal balance plus interest. This line is not required to 30 day pay down to zero once a year. This product has a variable interest rate.