Navy Federal Small Business Loan: Everything You Need to Know
Estimated Reading Time
7 minutes
Key Takeaways
- A Variety of Loan Products
- Application Process: Straightforward But Thorough
- Eligibility and Membership Requirements
- Special Features and Benefits
- Additional Considerations and Insights
Table of Contents
- A Variety of Loan Products
- Application Process
- Eligibility and Membership Requirements
- Special Features and Benefits
- Other Thoughts and Considerations
- FAQ
A Variety of Loan Products
Navy Federal provides support to small businesses through a variety of loan products designed to meet different needs.
Commercial Real Estate Loans
Designed for businesses working with real estate, these loans help with the purchase, refinance, or construction of commercial property. The loan terms are 120 months to repay and a 20 year amortization. There may be charged closing costs, but these loans are perfect if you're purchasing property.
Business Lines of Credit
For cash flow and other unforeseen business costs, Navy Federal provides secured lines of credit with a minimum credit line of $10,000. There are some smaller fixed rate options available with an annual fee. See that guide for more info.
Vehicle and Secured Term Loans
Asset-based financing for the purchase of high-cost vehicles and equipment that start at $10,000. New equipment can be financed at 75 percent with borrower contribution for residuals. For more detailed information, refer to the expansion guide.
Application Process
Single-owner businesses may apply for a loan through signed applications that are submitted online. Multi-owner organizations need even more. You should hear back in 7-10 business days and browse this guide for some of my best application tips.
Eligibility and Membership Requirements
Navy Federal membership is the linchpin to getting a loan. This leads to specialist support, competitive deals, and exclusive benefits. Read more about eligibility for funding opportunities below.
Special Features and Benefits
Military and veteran-owned businesses receive dedicated advisors and account servicing 24/7. Although the particulars of specific S.B.A. loans are not public, applications for them frequently disclose those details. For more, visit their website or review.
Other Thoughts and Considerations
The Navy Federal published rates are few, so direct contact is required to receive precise information. Prospective borrowers can apply online but should be alert to potential fees, such as annual and appraisal fees. More on digital lending.
