Member Service Center

Business Lending

Your Business deserves the right partner.

Managing and expanding your business gets a lot easier with the right partner by your side. At Leominster Credit Union, our commercial lending experts use their experience in the community to  design loans and lines of credit that meet your  company’s needs. For additional information, call 800-649-4646 to speak with a member service representative or email

New Rules for Business Accounts

Effective May 11, 2018 new rules under the Bank Secrecy Act will aid the government in the fight against crimes to evade financial measures which have been designed to combat terrorism and other national security threats.

Each time an account is opened for a covered legal entity (includes corporations, limited liability companies, and other entities created by the filing of a public document with a Secretary of State or similar office) we are required to ask for identifying information such as name, address, date of birth, and social security numbers as well as identification documents. Identifying information is collected for:

  • Each individual who directly, or indirectly, owns 25% or more of the equity interest of a legal entity
  • A single individual with significant responsibility to control, manage or direct a legal entity

If you are opening an account on behalf of a legal entity you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge. For more information please visit the Financial Crimes Enforcement Network’s (FinCEN) website.

Commercial Real Estate Loans

Our commercial real estate loans are designed to meet your needs for the purchase or refinance (with cash out if needed) of owner-occupied commercial or investment properties. Ideal for industrial, office, retail or multi-family real estate projects. The term on commercial mortgages can extend up to 25 years with a choice of rate options. We can finance up to 80% of the value based on the appraisal. Flexible financing options make it easy to purchase or refinance the properties you want, including:

  • Multi-unit commercial and/or residential units
  • Stand-alone commercial buildings
  • Owner/non-owner occupied
  • SBA 504 Loans

Business Lines of Credit

Ideal for established businesses looking for a revolving line of credit to cover short term cash needs, working capital or seasonal needs. Lines of Credit are secured by business assets or a mortgage on a commercial or residential property. Minimum loan is $10,000 with no pre-payment penalty. This easily accessible source of cash can help you handle seasonal, cyclical or other short-term  business needs. Lines of credit are also ideal for:

  • Unexpected expenses
  • Capital improvements
  • Inventory
  • Accounts receivable

Small Business Administration (SBA) Guaranteed Loan

Leominster Credit Union is a SBA Lender. SBA guarantees a portion of your loan, and funds can be used for any SBA permitted purpose including business acquisition, equipment purchase, working capital, owner-occupied real estate or business start-up costs. Perfect for small, viable businesses that may not ordinarily obtain financing by using conventional underwriting criteria.

SBA 504 Loans

SBA 504 Loans are long-term fixed rate loans that require as little as 10% owner equity. Funds may be used to purchase commercial property, improve facilities or for machinery and equipment.

Business Term Loans

A term loan is designed to provide you with the funds you need to purchase or refinance vehicles, equipment, business acquisitions, or debt restructure. We offer terms of up to 10 years with a choice of fixed or variable rate options.

Benefits of our Business Loans

  • Local Lender – Local Decisions
  • No Prepayment Penalties
  • Competitive Interest Rates
  • Flexible Loan Terms
  • Easy Application Process

Additional Services

  • Business Checking Services
  • Business Money Market Account
  • Payroll Services
  • Business Credit Card
  • Business Debit Card
  • Merchant Card Service
  • Bank At Work Programs Available for Employees

Click here to find out how easy it is to become a member of LCU.