Business Loans
We are here to help your business grow!
Can First Heritage really offer lower rates?
First Heritage is committed to getting you the financing you need to start or expand your business. We offer competitive interest rates, local decision making and personalized expert service.
Products We Offer
We understand that businesses have unique financial needs, that's why we offer a diverse range of products designed to help your business thrive.
- Business loans
- Business lines of credit
- Business mortgage loans
- Equipment loans
- Business Visa® Credit Card
Meet Our Business Lenders!
Our friendly and knowledgeable business lending team is available to assist you with any questions you may have.
Todd Strong
Senior Business Lender
Corporate Headquarters & Retail Branch
607.937.1253 or tstrong@fhfcu.org (Opens in a new Window)
Amy Saunders
Business Lender
Elmira Heights Branch
Warning: Email is not a secured method of communication and personal information, such as account number, date of birth and social security number should not be included in any email communications.
Top Small Community Lender of the Year
It's an honor to have our Business Lending team recognized by the U.S. Small Business Administration for being the top small lender in Upstate NY for 2024! The U.S. Small Business Administration helps make the American dream of business ownership a reality by providing the resources and support they need to start and grow their small business.
Residential Investment/Business Properties
- LTV up to 80%
- DSCR of 1.2%
- Rates are fixed for 5 years & adjust every five years
- Up to 20-year amortization with max term of 15-years (balloon payment due year 15)
- Fees, greater of ½% of the loan amount or $500.00, plus a flood search fee of $18 (normal attorney fees thereafter). Appraisal and environmental if needed
- Cash out refinance limited to 75% LTV
Construction Lending
- Lend up to the lesser of 80% of total project cost or as completed appraised value
- Draw period up to 18 months
- Rates are fixes for 5 years including the construction period
- Amortization up to 20 years with max term of 15-years
- Fees, greater of ½% of the loan amount or $500.00, plus a flood search fee of $18. (normal attorney fees thereafter)
- Draw schedule is required
- Itemized list of renovation to be completed
Purchase with Renovations
- Same terms as above combination purchase and construction available.
- Lesser of 80% of the purchase price and 80% of the renovation budget or as completed appraised value.
- Fees greater of ½% of the loan amount or $500.00, plus a flood search fee of $18. (normal attorney fees thereafter)
- Draw schedule is required
- Itemized list of renovations to be completed
Required Underwriting Information Needed: Existing Business
- Personal financial statement
- Copy of last bank statement (personal and business)
- Last three years of personal taxes
- Last three years of business taxes
- Purchase agreement (contract or dealer worksheet)
Required Underwriting Information Needed: Startup Business
- Personal financial statement
- 2 years of business projections
- Business plan
- Resume for owners
- Sources and uses of funds (what is being purchased)'
Business Vehicle/Equipment Loans
- Offer up to 7-year amortization
- 10% down payment required
- Rates are .5% above the consumer rate
- Loan documents can be completed using Esign
