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: September 1, 2019 | ||
| Type | Term | APR* |
| New titled collateral up to $30,000 | up to 60 months | prime + 2 = 7.25% |
| New titled collateral, over $30,000-$50,000 | up to 84 months | prime + 3 = 8.25% |
| Used titled collateral up to $30,000 | up to 60 month | prime + 3 = 8.25% |
| Used titled collateral, over $30,000-$50,000 | up to 84 months | prime + 4 = 9.25% |
| New, non-titled collateral up to $30,000 | up to 60 month | prime + 4 = 9.25% |
| New, non-titled collateral over $30,000-$50,000 | up to 84 months | prime + 5 = 10.25% |
| Used, non-titled collateral up to $30,000 | up to 60 months | prime + 5 = 10.25% |
| Used, non-titled collateral, over $30,000-$50,000 | up to 84 months | prime + 6 = 11.25% |
| Fixed, unsecured (no collateral) | up to 36 months | prime + 6 = 11.25% |
| Revolving line of credit | prime + 8% = 13.25% | |
| 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 6.25% for 60 months would have a monthly payment of $585. Equal opportunity lender. | ||
| New Titled collateral - LTV up to 100% Aggregate $50,000 | up to 84 months | prime + 1.0% = 6.25% |
| Used Titled collateral LTV up to 100% Aggregate $50,000 | up to 84 months | prime + 1.5% = 6.75% |
| New Untitled Equipment LTV up to 90% Aggregate $50,000 | up to 84 months | prime + 2.0% = 7.25% |
| Used Untitled Equipment LTV up to 80% Aggregate $50,000 | up to 84 months | prime + 2.5% = 7.75% |
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.121 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: September 1, 2019 | ||
| 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+ | 0.400% | 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. | ||