Whether you own and run an established business or you are an ambitious entrepreneur with an exciting new business idea, there is no escaping the fact that you will need to partner with a financial institution as you set out to achieve your goals for success. A credit union will be able to offer you uniquely favorable rates and fees, and the Atlanta Postal Credit Union may have the business loan solution you are looking for.
Founded in 1925, the Atlanta Postal Credit Union is not only the oldest credit union in the state of Georgia, but also one of the earliest to be founded in the United States as a whole. The Atlanta Postal Credit Union’s founder, Claude M. Harrell, in fact participated in efforts to make the establishment of credit unions in Georgia a legal possibility, and the Atlanta Postal Credit Union was chartered as soon as the legislation passed.
Also called APCU, Atlanta Postal Credit Union is headquartered in Atlanta, Georgia, and has grown from a pioneer into a trusted financial institution that operates nine physical branch locations in Georgia. Federally insured by the National Credit Union Association, the Atlanta Postal Credit Union has placed a great deal of emphasis on providing convenient, modern, and secure online banking services, and now manages over $2.1 billion in assets.
The Atlanta Postal Credit Union serves over 100,000 members across the United States today. Its motto of providing “first class service” is a nod to its origins as a credit union for postal workers in Atlanta, but in its modern incarnation, the credit union’s doors are open to many Georgians who do not work in the postal service, as well.
The Atlanta Postal Credit Union is committed to providing a safe, sound place to conduct your financial business, excellent customer service, and above all, in its commitment to its members’ financial health, the APCU is able to offer uniquely competitive rates and fees on all of its banking products.
Despite the fact that the Atlanta Postal Credit Union is primarily focused on serving its individual (natural person) members in providing a range of banking services and loan products, the APCU does offer a range of business loans. Keep reading to discover whether the Atlanta Postal Credit Union may be the financial partner you are looking for as you endeavor to start a business or propel your established venture to a new level of success.
“APCU doesn’t offer as many business loan options, but may be able to partner with your particular venture to provide you with the financing you need.”
What Does the Atlanta Postal Credit Union Offer?
In addition to a wide range of personal banking products and personal loans, including a special youth program, the Atlanta Postal Credit Union makes a range of business loan products available to its members. As a natural person credit union, however, the Atlanta Postal Credit Union does not currently offer a full suite of business banking solutions to ventures. The following is an overview of the benefits that joining the Atlanta Postal Credit Union may offer businesses in search of commercial financing options.
A Select Range of Business Loan Products
The Atlanta Postal Credit Union does not offer as many business loan options as many other credit unions, but the APCU may be able to partner with your particular venture to provide you with the financing you need to realize your long, medium, or long term goals. The business loan options offered at the Atlanta Postal Credit Union include:
- Commercial real estate loans (business mortgages). The commercial real estate mortgages that Atlanta Postal Credit Union offers are primarily tailored to the needs of postal services and public agencies; the credit union’s commercial real estate mortgage options include post office mortgages and General Services Administration (GSA) mortgages. Other types of businesses may, however, access the Atlanta Postal Credit Union’s general purpose commercial real estate loans, and dedicated investment property mortgages are available to those ventures looking to acquire non owner occupied commercial properties to generate income. These commercial real estate loans are offered at competitive rates with a variety of terms, and have no prepayment penalties.
- Business vehicle loans. Should you be looking to acquire a new or used vehicle, such as a company car, truck, or van for your business, or perhaps an entire fleet of commercial vehicles, the Atlanta Postal Credit Union offers commercial vehicle loans at favorable rates to APCU members who own and run a business.
- Commercial equipment loans. Are you in need of financing to purchase new business equipment or machinery, or are you considering upgrading and modernizing existing equipment? The APCU’s commercial equipment loans, tailored to small businesses, may be the solution you have been looking for.
The Atlanta Postal Credit Union has additionally partnered with the Small Business Administration to make access to the Small Business Paycheck Protection Program, designed to help small businesses in the state of Georgia recover from the heavy financial burden of the COVID-19 pandemic. Despite this fact, the Atlanta Postal Credit Union does not offer other Small Business Administration loans at present.
The Atlanta Postal Credit Union manages over $2.1 billion in assets, and offers significant lending capacity. Business members that qualify will gain access to a wide variety of commercial loan amounts, tailored to their specific needs and circumstances.
Competitive Rates on Commercial Loan Products
The Atlanta Postal Credit Union caters to its membership by providing extremely competitive rates on their commercial loan products. Commercial real estate loans and commercial investment property loans may, for example, have interest rates as low as 6.210% for three year fixed terms, while rates of 6.900% are available for the 15 year terms that the Atlanta Postal Credit Union offers on commercial real estate loans and commercial investment property mortgages. Separate rates are available for post office and GSA loans, at even more favorable rates.
Favorable Loan Terms
Business members of the Atlanta Postal Credit Union will be able to take advantage of the fact that the APCU offers a wide variety of commercial loan terms at favorable rates. The commercial real estate loans and commercial investment property mortgages that the Atlanta Postal Credit Union makes available to its members may, for example, have terms of up to 15 years.
Businesses that are looking to partner with a credit union typically do so to be able to take advantage of the competitive rates, as well as to enjoy superior and more personalized customer service with a local lender. When you turn to the Atlanta Postal Credit Union’s commercial lending department for your small business financing needs, you will know what is going on every step of the way and you will not need to worry about predatory lending practices. The Atlanta Postal Credit Union, as one of the oldest credit unions in the state of Georgia, is a trusted financial institution that shines in the transparency it is able to offer to its members. Even before you apply for a commercial loan, you will be able to gain access to information regarding the loan application process, rates, terms, and repayment options.
The Atlanta Postal Credit Union operates a modest number of physical branches in the state of Georgia, including in Atlanta, but has termed its online banking portal its “internet branch”. Through the credit union’s secure and modern online banking platform, businesses will be able to gain insights into their current status, as well as making loan repayments at the click of a button.
The Atlanta Postal Credit Union offers nine physical locations, and members will additionally gain access to the branches operated by Center Parc Credit Union, a division of the APCU that focuses more heavily on the consumer and personal banking market. This division operates an additional four branches.
The APCU is also part of the CO-OP shared network, which means that members will be able to gain access to over 30,000 surcharge free ATMs across the United States when they join the Atlanta Postal Credit Union.
Excellent Customer Service and Experience
As one of the oldest credit unions in the United States, the Atlanta Postal Credit Union has nearly 100 years of experience in serving its members under its belt. A non profit financial cooperative that began with a mere $2,500, designed to serve postal service employees, rose to cater to the broader Atlanta community and beyond, now managing in excess of $2.1 billion assets.
When you join the APCU and partner with the credit union for your business financing needs, you will never be seen as just a customer. The Atlanta Postal Credit Union, and its commercial lending officers, understand the community that you are striving to make a difference in, making the APCU especially well placed to provide tailored financial advice as you set about realizing your vision for the future.
Who Can Apply for a Business Loan from the Atlanta Postal Credit Union?
The commercial lending products that the Atlanta Postal Credit Union makes available to members that qualify are especially attractive to smaller businesses and postal carriers, for which the APCU offers particularly competitive rates. Like all other credit unions, however, the Atlanta Postal Credit Union is only able to offer commercial financing solutions to its members. In order to apply for a business loan from the Atlanta Postal Credit Union, you will first have to join the credit union.
The Atlanta Postal Credit Union has a complex field of membership structure. You may be eligible to join the APCU if you meet any of the following criteria:
- You are currently employed by, or are retired from, one of the following companies, organizations, and associations — the USPS (US Postal Service), other postal carriers under contract with or under authority of the Postmaster General, National Rural Letter Carriers, United Postmasters and Managers of America, the National Association of Retired Postal Inspectors, 1st American Appraisals, 4 Spine, and any government agency or department in the state of Georgia, among others.
- You live or work in Bibb, Chatham, DeKalb, Floyd, Fulton, Gwinnett, Muscogee, Effingham, or Bryan counties in the state of Georgia.
- You are a military veteran living anywhere in the state of Georgia.
- You are a Federal employee living anywhere in the state of Georgia.
- You are affiliated with one of the Atlanta Postal Credit Union’s select employee groups.
- Someone you are closely related to is eligible to join the Atlanta Postal Credit Union, including spouses, siblings, parents, children, grandparents, grandchildren, aunts, uncles, nieces, nephews, and in-laws.
- You have established a business relationship with the Atlanta Postal Credit Union.
Those potential applicants who are not certain whether they qualify to join the Atlanta Postal Credit Union could contact the APCU’s customer service department directly for further information, which should include details regarding the ways in which you can establish a business relationship with the APCU.
Should you have established that you are eligible to join the Atlanta Postal Credit Union, you would do so by opening a share savings account, which is called a primary savings account at the APCU. This requires you to make a deposit of $5 or more, for which you will have to provide your current credit card details or bank routing number. In addition to pledging the funds that will enable you to become a member and shareholder at the Atlanta Postal Credit Union, the credit union will ask you to submit your social security number, a valid government issued ID such as a driver’s license, and proof of your current address.
Applying for any of the commercial loan products that the Atlanta Postal Credit Union offers will become possible once you are a member of the APCU, and will be subject to a separate and more thorough application process.
“APCU continues to offer uniquely favorable post office mortgages.”
What Types of Commercial Loans Does the Atlanta Postal Credit Union Offer?
The Atlanta Postal Credit Union offers a select range of business loan solutions. As a credit union that was founded to serve employees of the postal service, the APCU continues to offer uniquely favorable post office mortgages.
Commercial Real Estate Loans From Atlanta Postal Credit Union
The Atlanta Postal Credit Union is able to offer a wide range of commercial real estate financing options. The commercial real estate mortgage solutions from the APCU may be used to finance a wide variety of property types, and include options for owner occupied commercial properties as well as investment properties. Should you already have an existing commercial real estate mortgage, refinancing this loan with the Atlanta Postal Credit Union may allow your business to make savings by capitalizing on the favorable rates the APCU makes available.
The specific commercial real estate mortgage solutions that the Atlanta Postal Credit Union may be able to offer you include:
- Post office mortgages
- General Service Administration mortgages (GSA mortgages)
- Commercial real estate mortgages
- Commercial investment property mortgages
The commercial real estate loans that the Atlanta Postal Credit Union provides have flexible terms that generally range from three to 15 years, with extremely favorable rates and no prepayment penalties.
Business Vehicle Loans From the Atlanta Postal Credit Union
The APCU’s business lending team can work with you to discover what financing options may be available to you if you own and run a business in Georgia or beyond, and you are exploring the possibility of acquiring a commercial vehicle such as a car, van, pickup truck, or tuck, or even a fleet of commercial vehicles.
While the rates that the Atlanta Postal Credit Union offers on its business vehicle loans are competitive, the precise details will depend on your business and personal credit history.
Commercial Equipment Loans From the Atlanta Postal Credit Union
Business members of the Atlanta Postal Credit Union that are interested in acquiring new business equipment or machinery to take your business into the future may apply for one of the credit union’s small business equipment loans. These loans will enable your business to borrow at a competitive rate and with easy repayment terms.
What Are the Pros and Cons of Applying for a Business Loan From the Atlanta Postal Credit Union?
The Atlanta Postal Credit Union is one of the oldest credit unions in both the state of Georgia and the United States as a whole, and has amassed nearly 100 years of experience in serving its members. Business owners and entrepreneurs should, however, keep in mind that the APCU was established to serve individuals affiliated with the postal service. Although the Atlanta Postal Credit Union’s field of membership has increased over the years, this credit union continues to focus primarily on natural persons.
The Atlanta Postal Credit Union offers business savings accounts — in fact, opening such an account will likely be required to apply for a commercial loan, especially in the case of larger loan amounts. It does not, on the other hand, offer a full suite of business banking solutions, such as business checking accounts and money market accounts for businesses. Should your business be interested in finding a financial home through which you will be able to conduct all of your day to day banking needs, this may be a barrier for you.
In addition, the APCU offers a select number of commercial loan options. Should your business be in search of a commercial line of credit, a business term loan, a business acquisition loan, or a Small Business Administration loan, you should note that the Atlanta Postal Credit Union does not currently offer those.
Nonetheless, the commercial loans that the Atlanta Postal Credit Union are offered at competitive rates that you would not be able to secure from a mainstream banking institution, and the APCU may be the right partner for you if you are in search of a commercial real estate, commercial vehicle, or commercial equipment loan.
How Do You Qualify for a Business Loan from Atlanta Postal Credit Union?
In order to obtain a business loan from the Atlanta Postal Credit Union, you will first have to be eligible to join the credit union and open an account there. Once established as a member, your business will be able to apply for a loan by emailing the Atlanta Postal Credit Union’s business lending department at firstname.lastname@example.org, or to call them via telephone at 800-849-8431. Following this conversation, you will be able to set up a meeting at one of the APCU’s branch locations, where you can discuss your vision and the way in which the Atlanta Postal Credit Union can help you achieve it.
Your next steps will lie in completing a commercial loan application form, and submitting the following documentation:
- Business financial statements, dating back two years for smaller vehicle and equipment loans, and three years for commercial real estate loans.
- Personal financial statements on behalf of the individuals serving as principals and guarantors.
- Federal business tax returns dating back two or three years.
- Personal tax returns for those individuals who will be serving as principals or guarantors on the loan.
- Your business’ formation documents, such as Articles of Incorporation, your Operating Agreement, your Partnership Agreement, or a DBA, as well as relevant supporting documentation.
- In the case of a secured loan, collateral will need to be pledged.
Once you complete the relevant steps, the Atlanta Postal Credit Union will assess your business credit score (which should ideally be between 80 and 100 on the Dun & Bradstreet PAYDEX and no lower than 49), your annual revenue and profits, and your business’ debt to income ratio. The personal credit score of principals and guarantors will also be checked, and the Atlanta Postal Credit Union will be looking for a FICO score of at least 670 in these cases.
The Atlanta Postal Credit Union may offer a limited range of commercial loan options, but the credit union is committed to helping its members achieve the success that will allow them to take their ventures into the future. To this end, applicants can expect an engaged commercial lending officer who will help them every step of the way, even if you are applying for business loan for the first time. The APCU promises fast loan processing, so you will know whether you have been approved for the business financing you seek in record time.