On December 21, Congress passed the Consolidated Appropriations Act to provide emergency financial assistance for American workers and small businesses, and on December 27, it was signed into law. Among other things, this legislation opens the door to a second round of forgivable Paycheck Protection Program loans for small businesses that have been heavily impacted by the coronavirus pandemic.
A total of $284 billion has been allotted to the U.S. Small Business Administration for this new round of PPP funding.
During the first round of funding, FreeStar Financial was honored to be an assistance to our business members and we are proud to provide this service again. After all, we are commited to positively impacting the lives of our members, team members, and community through meaningful connections and progressive financial solutions.
Be sure to review the documentation requirements below and direct all inquiries to ppploan@freestarfinancial.com.
*Please note that documentation submission does not signify automatic approval. Additional documentation may be requested.*
PPP Loan Application Requirements
First Time PPP Applicants
Second Draw PPP Applicants
Send all documentation and inquires to ppploan@freestarfinancial.com.
At FreeStar Financial, we understand that growing your business is your primary focus. That’s why we want to simplify your banking to alleviate worries about maintaining monthly balances or being hit with unexpected fees. We offer perks to your employees, too, which can help retain staff. It’s time to switch and bank with a credit union. Experience the friendly, personalized service your business deserves.
We offer the following business loan options to help grow your business:
New business loans: Please view our Loan Checklist and Required Documentation checklist.
Business Purpose Loans Effective Date: April 1, 2021
Type Term APR*
New titled collateral, over $30,000-$50,000
up to 84 months
prime + 1% = 6.00%
Used titled collateral, over $30,000-$50,000
up to 84 months
prime + 1.5% =6.50%
New, non-titled collateral over $30,000-$50,000
up to 84 months
prime + 2.0% = 7.0%
Used, non-titled collateral, over $30,000-$50,000
up to 84 months
prime + 2.5% = 7.50%
Fixed, unsecured (no collateral)
up to 36 months
prime + 6 = 11.00%
Revolving line of credit
prime + 8% = 13.00%
Visa credit card
12.90%
*APR=Annual Percentage Rate. Rate is as low as; and may change based on credit history, term and other determining factors. Payment example: A loan of $30,000.00 at 6.00% for 60 months would have a monthly payment of $581.45. Equal opportunity lender.
For loans under $50,000, contact our Lending department at 586-466-7800 opt. 3 for business or visit any of our convenient branch locations.
For loans over $50,000, contact our Commercial Lending Department at 586-466-7800 ext.102 or download our application today. All business loans over $50,000 are processed by our third-party vendor, Michigan Business Connection (MBC). The credit union still funds and holds your loan and will be your primary contact.
For refinances, complete this application. After the application is completed, send to lending@freestarfinancial.com
To complete your business loan application, please view our Loan Checklist and Required Documentation needed.
"I recently opened a commercial account and have had a hard time getting access to it (linking it to my personal and joint account). Tiffany worked magic then walked me thru the process and now all my accounts are at my fingertips! She was patient with me (today nothing wanted to work! LOL) and helped me out. This was my 2nd time trying to get this resolved. I really appreciated her help and professionalism and great attitude!"
~Liz L. from Richardson, TX
As a FreeStar Financial Credit Union business account holder, your employees are eligible for the following additional benefits:
*See Boomerang Checking page for details.
Earn more on your money by using one of the following solutions:
Business Money Management Account Effective Date: April 1, 2021
Minimum Balance Dividend Rate APY*
$1,000-9,999
0.100%
0.100%
$10,000-24,999
0.200%
0.200%
$25,000-74,999
0.250%
0.250%
$75,000-149,999
0.300%
0.300%
$150,000+
0.399%
0.400%
*APY = Annual Percentage Yield. APY is the total amount of dividends paid on an account, based on the dividend rate and the frequency of monthly compounding for a 365-day period, and expressed as a percentage. Dividends paid monthly.
Visit any of our branch offices to begin your financial relationship with FreeStar Financial Credit Union and start saving money today!
For more information on business accounts, contact Crystal Dennis at 586-466-7800 ext. 116.
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