bcu Business Line of Credit

Take advantage of generous minimum loan amounts with a business line of credit from bcu.

bcu has been around since the 1970s, when the Bananacoast Community Credit Union was launched as an alternative to traditional banks. The main features of bcu’s business line of credit are the large minimum and maximum loan amounts that you can apply for, in order to help your business thrive and you can chase potential opportunities. The minimum amount you can apply for with this line of credit is $20,000 and the maximum you can apply for is $6,000,000. With such a large minimum and maximum amount on offer, your business doesn’t have to worry about short-term capital needs, such as the need to even out cash flow. You’ll be able to jump on business opportunities that come your way.

How does the bcu business line of credit work?

This line of credit has a simple application process, although you must be a member of bcu in order to apply for a loan. You also need to submit business and personal data so that bcu knows you’re capable of meeting your responsibilities with this loan. As there are no minimum and maximum terms, this means there are no set monthly repayments and that will take the burden off your business.

Features of the bcu business line of credit

There are many features that come this loan, which include:

  • No minimum or maximum loan term. As a line of credit is an ongoing facility, there are no minimum or maximum loan terms with this option.
  • Variety of assets can be secured. With this line of credit, you can put forward real estate, such as residential, commercial or rural property, as security.
  • Differing interest rates. As there are different types of assets that can be put forward against this line of credit, there are different types of interest rates as well. If a residentially property is used for security, the rate is 5.93% p.a. For a commercial or rural property, the rate is 6.68% p.a. The leasehold commercial security variable interest rate is 6.93% p.a, and it’s important to note that the interest rate on this line of credit is variable.
  • Varying fund deposit timelines. With this line of credit, the amount of time it takes for your funds to be deposited into your bcu account depends on your line of credit proposal and what type of assets are being put forward.
  • Minimum repayments. You only make payments on what you use and pay the interest charged on that amount. It’s important to take into account that the variable rate is dependent on the asset you’ve used as security for the loan.
  • Large funds to apply for. This line of credit has a maximum amount of $6,000,000 that you can apply for, which should be more than enough to keep the cash flow of your business running like a river.

How much does the loan cost?

Here are some of the fees you can expect with this loan:

  • A loan establishment fee
  • A fee for switching from a variable to a fixed rate, amounting to $750
  • A monthly account-keeping fee

With this line of credit, there is no annual loan fee, redraw fee or early loan repayment fee.

How to apply for the bcu business line of credit

In order to be eligible for this line of credit, you need:

  • A business account set up with bcu,or at least be a member of their bank
  • An Australian business number (ABN), company number (ACN) or a registered business number in Australia

Some documents you need to apply for this loan are:

  • A business plan outlining future growth for the business.
  • Your personal financials to show that you are capable of meeting your obligations when it comes to this loan.

With very generous minimum and maximum loan amounts, this is a line of credit to consider while doing the research for what is right for your business and future growth.

Comparison of other business loans

Whilst we don't directly compare the bcu business line of credit, compare other business loans offering similar features.

Rates last updated October 23rd, 2018
Name Product Min Loan Amount Max. Loan Amount Loan Term Application Fee Product Description
NAB QuickBiz Loan
1 to 3 years
Apply for up to $100,000 and get a response within 60 seconds. No upfront or ongoing fees and a transparent fixed rate.
Lending Express Business Loans
0.25 to 2 years
Apply online for up to $500,000 and get access to over 25 lenders through Lending Express.
Valiant Finance Business Loan Broker
0.25 to 5 years
A Small Business Lending Specialist from Valiant Finance can give you access to competitive business loans from over 60 lenders. Loans between $5,000 and $1 million are available. Request a call – your loan can be funded in 1 business day.
Moula Business Loan
0.5 to 2 years
A loan of up to $250,000 that can be approved and funded within 24 hours. Available to businesses with 6+ months operating history and $5,000+ monthly sales.
Spotcap Loans
0.25 to 2 years
Benefit from a fixed interest rate and no upfront fees with a loan available up to $400,000. Must have been operating for at least 18 months and have turnover over $200,000.
GetCapital Flexible Business Loan
0.5 to 2 years
Initial draw down fee
A flexible business loan up to $500,000 with convenient top up and redraw facilities. Business must have been operating for 9 months+ and have monthly sales of $10,000+
businessloans.com.au Flexible Business Loan
0.5 to 2 years
Initial draw down fee
A business loan up to $100,000 for unsecured loans, or $500,000 for secured loans that you can use for any business purpose. Transparent costs and redraw facility available.
OnDeck Business Loans
0.5 to 2 years
2.5% origination fee
Apply for up to $250,000 and receive your approved funds in one business day. Minimum annual turnover of $100,000 and 1 year of trading history required.

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