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Payroll Protection Program
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
- Must be a current personal or business member
- Must have been in operation as of February 15, 2020
- Must provide all documentation required to begin loan process. Additional documentation may be requested by the Credit Union.
First Time PPP Applicants
- PPP Borrower Application https://home.treasury.gov/system/files/136/PPP-Borrower-Application-Form.pdf
- Organizational Documents (Corporate bylaws, Operating agreement or Partnership agreement)
- Corporations and LLCs:
- Form 940/941
- Copies of payroll reports for 2020. Such reports should include gross wages including PTO (which might include vacation, sick, and other PTO).
- Documentation reflecting the health insurance premiums paid by the company under a group health plan including owners of the company for 2020. Copies of the monthly invoice are sufficient.
- Documentation of all retirement plan funding by the employer for 2020. Copies of workpapers, schedules and remittances to the retirement plan administrator is sufficient.
- Sole Proprietor w/ Employees Payroll Documentation:
- 1040 Schedule C
- Form 941/940
- Documentation reflecting the health insurance premiums paid by the company under a group health plan including owners of the company for 2020. Copies of the monthly invoice are sufficient.
- Documentation of all retirement plan funding by the employer for 2020. Copies of workpapers, schedules and remittances to the retirement plan administrator is sufficient.
- Independent Contractors
- 1040 Schedule C
- IRS Form 1099-MISC
Second Draw PPP Applicants
- PPP Borrower Second Draw Application https://home.treasury.gov/system/files/136/PPP-Second-Draw-Borrower-Application-Form.pdf
- Organizational Documents (Corporate bylaws, Operating agreement or Partnership agreement)
- 25% Reduction Qualification Requirement for Second Draw (May want to consult with financial/legal advisors on the appropriate way to calculate this requirement)
- Demonstrate Gross Receipts in any quarter in 2020 were 25% less than the same quarter in 2019. Please provide one or more of the following Bank Statements, Quarterly Tax Form or Prepared Financial Statements
- Corporations and LLCs:
- Form 940/941
- Copies of payroll reports for 2020. Such reports should include gross wages including PTO (which might include vacation, sick, and other PTO).
- Documentation reflecting the health insurance premiums paid by the company under a group health plan including owners of the company for 2020. Copies of the monthly invoice are sufficient.
- Documentation of all retirement plan funding by the employer for 2020. Copies of workpapers, schedules and remittances to the retirement plan administrator is sufficient.
- Sole Proprietor w/ Employees Payroll Documentation:
- 1040 Schedule C
- Form 941/940
- Documentation reflecting the health insurance premiums paid by the company under a group health plan including owners of the company for 2020. Copies of the monthly invoice are sufficient.
- Documentation of all retirement plan funding by the employer for 2020. Copies of workpapers, schedules and remittances to the retirement plan administrator is sufficient.
- Independent Contractors
- 1040 Schedule C
- IRS Form 1099-MISC
Send all documentation and inquires to ppploan@freestarfinancial.com.
Simple - Business - Banking
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.
Business Lending
We offer the following business loan options to help grow your business:
- Vehicle loans for titled vehicles
- Business line of credit up to $30,000
- Business Visa credit card up to $15,000
New business loans: Please view our Loan Checklist and Required Documentation checklist.
Business Purpose Loans Effective Date: June 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.
Apply for a FreeStar Financial business loan
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.
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"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
"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
Business Checking
- Free ATM network, over 1,600 in Michigan; over 30,000 nationwide
- Free mobile deposit for checks
- Free online banking and bill pay
- After hours deposit
- Merchant services provided by International Bancard
- Personal member service
Employee Perks
As a FreeStar Financial Credit Union business account holder, your employees are eligible for the following additional benefits:
- Boomerang Rewards Checking Account paying 4%*
- Free credit union membership
- Free educational seminars
- High-interest Certificate of Deposit options
- All the benefits and conveniences of credit union membership!
*See Boomerang Checking page for details.
Grow your savings
Earn more on your money by using one of the following solutions:
- We've created a Business Money Management Account allowing the flexibility of earning more while having access to your money.
- Short-term Certificates of Deposit are another great alternative to earn more on your money without a long-term commitment.
- Want to earn even more? Consider a Bump Rate CD where you lock in a rate for 3 years or 5 years and if the rate goes up, you can request a bump to the higher rate.
Business Money Management Account Effective Date: June 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.
How do I open a FreeStar Financial business account?
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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