Business Lines of Credit

BUSINESS LINES OF CREDIT

Local Decisions

Personalized Service

Flexible terms

Competitive Rates

Knowledgeable Experts

Community Partner

Not a TEGFCU Business Member Yet?
Find Out if You Are Eligible for Business Membership.
Staying ahead of the game and being financially prepared can give businesses that extra edge they need. By having cash reserves to draw upon in case of an emergency, you are ready for whatever curveballs life throws your way - so don't let opportunity pass you by!
Owning a business is no walk in the park. Surprises are just part of the game, from unexpected costs to market shifts, and sometimes luck isn't enough. To remain resilient against any curveball thrown your way, be sure to gain access to a TEGFCU Business Line of Credit for added security and flexibility.

EXPAND YOUR CASHFLOW TO HELP GROW YOUR BUSINESS

A line of credit for your business can put you in a strong position when the unexpected—good or bad—unfolds. Draw what you need when you need it. A pre-set limit defines your borrowing; you can use all or some of that total amount. There is no specific use of the money designated by the borrower, and there are no payments until you use the revolving line of credit.
FEATURES:

Financing available from $1,000 to $100,000. Larger limits available if secured by real estate.

Interest rates based on prime plus a margin.

A revolving line of credit has no limit on the number of times you can draw or advance.

Interest only payments on secured lines of credit.

No cash advance fees.

Monthly principle & interest payments - minimum 2.4% of outstanding balance.

Online banking offers easy access to your cash, and for making payments.

Why Choose TEGFCU For Your Business Line of Credit?

Working with TEG means working with a locally-based company that is dedicated to serving the local community. Our familiarity with local issues makes us well-equipped to provide tailored services that meet the individual needs of your business. You can focus on growing your business while we focus on making the financing process as simple as possible.
TEG is an accessible credit union that offers competitive rates and flexible terms, which enable you to negotiate or reevaluate a loan repayment.

Talk to an Expert. Give Michael a Call Today.

Michael Mazzuca TEGFCU Business Development Officer and Commercial Lending.

Michael Mazzuca

Business Development Officer

Office:

845.452.7323 x1269

Mobile:

845.464.2001

MichaelM@tegfcu.com

Serving Dutchess, Orange, Ulster, Putnam, Sullivan, Westchester and Rockland County.
Michael "Mike" Mazzuca is the newly appointed Business Development Officer at TEG Federal Credit Union. With over 25 years of business-to-business sales, and over 20 years of experience in commercial banking and financial services, Mike brings a wealth of knowledge to TEGFCU. He has held several prominent Business Development positions and has a proven track record of helping businesses succeed. In his new role at TEG, Mike is responsible for commercial lending and fostering strong business relationships within the community.

A seasoned professional, he personally knows what it is like to be an entrepreneur and can use his expertise to find the best solutions to help your business grow. Known as a natural light photographer, he has taken his pictures from a hobby to a professional level. He is passionate about wildlife and nature photography but also specializes in outdoor portraits and Real Estate photography.

Michael is a lifelong Hudson Valley resident and resides in Dutchess County.

WHO CAN APPLY?

As a local credit union, TEG serves a variety of Hudson Valley Businesses. If your business is in and/or does business in the NY counties of Dutchess, Orange, Putnam, Rockland, Sullivan, Ulster, or Westchester, then your business is eligible for all the benefits of TEG Business Membership.

FAQs

If you’re interested in getting a line of credit for your business, Call us today at 845.452.7323, visit us at any branch or CONTACT US here.

You could get an unsecured line of credit that does not require collateral. But it could cost you more. With unsecured lines of credit, the interest rates can be higher because lenders are taking a larger risk in lending to you.

Once you receive approval for a line of credit and agree to the financier’s terms, the mechanics of a business line of credit are pretty easy to understand.

You can use the funds from the line of credit for any business-related expenses—you can even withdraw them as cash to use for business purchases.

If you don’t repay the financier for any funds used within a statement period, your account will accrue interest.

Generally, you don’t want to spend too close to your credit limit for too long—this situation sends a warning to your lender that your business might be struggling.

 A huge benefit of a business credit line is that you then only pay interest on and have to repay the money you actually use from your line of credit. To repay you would usually make monthly payments on the amount you’ve borrowed.