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Belco Community Credit Union Small Business Loans

For small business owners in the state of Pennsylvania, Belco Community Credit Union may be an option for your business financing needs, as they provide several products and services for personal and business bank accounts.

Based in Pennsylvania, Belco Community Credit Union was established in 1939 by a group of employees of the Bell Telephone Company; it currently serves around 69,000 members and manages an estimated $740 million in assets.

Romi Levine Based in Pennsylvania, Belco Community Credit Union was established in 1939 by a group of employees of the Bell Telephone Company; it currently serves around 69,000 members and manages an estimated $740 million in assets.
Romi Levine
August 13, 2022

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Do you live or work in the state of Pennsylvania? Are you an entrepreneur who is thinking about launching your first or a new business venture? Do you own and operate an existing business and you’re looking to buy a bigger property, you need to invest in new equipment, or you want to offset your expenses during the off-season? If you answered “yes” to these questions, then a business loan from Belco Community Credit Union may be able to provide you with the financing that you require. 

Officially known as Belco Community Credit Union was established back in 1939, when a group of people who were employed by the Bell Telephone Company decided to join forces to start their own financial institution. These 25 people contributed $5 into a pool, and thus, Belco Federal Credit Union was born. 

Two years later, in 1941, Belco served about 400 members, and by 1963, membership had grown to roughly 1,600 members. Membership continued to increase and by 1977, the credit union was managing an estimated $10 million in assets. To support their continued growth, Belco converted to a state-chartered credit union from a federal credit union, and by 2005, the financial institution converted to a community charter to further expand their membership base. The credit union continued to run as a community charter. 

In 2009, Belco Community Credit Union was serving more than 47,000 members and by 2017, more than 64,000 members in 7 counties from 14 branch offices, and was managing more than $585 million in assets. In 2020, Belco’s membership had reached roughly 69,000 members and they were managing an estimated $740 million in assets. 

By 2021, membership was still growing, and one of their main branches – the Allentown Blvd Branch – was relocated. Additionally, this same year, Interactive Teller Machines (ITMs) were implemented. 

Belco Community Credit Union services members throughout the state of Pennsylvania, and they provide a variety of products and services. This includes both personal and business bank accounts, as well as personal and business loans and lines of credit. If you are a member of the credit union, you can also take advantage of the advice and planning programs and services that they provide, such as financial planning, budgeting programs, and educational programs that teach you how to build credit. They also offer numerous fraud prevention services, such as identity and credit fraud, online security, phishing, and P2P payment fraud. 

“Belco Community Credit Union’s business loans are quite flexible in that loan amounts vary and can be customized to meet your unique needs.”

What does Belco Community Credit Union Offer? 

A Variety of Commercial Loans

Belco Community Credit Union offers a variety of business loans to their members. Members who qualify can access the funds they need for their new or established businesses with the following commercial loan products: 

Flexibility 

The business loans that are offered by Belco Community Credit Union are quite flexible in that loan amounts vary and can be customized to meet your unique needs, and the repayment terms are either variable or fixed (depending on your qualifications). 

Favorable Terms 

The terms on Belco Community Credit Union are very favorable. Terms vary and range from loan to loan and depend on several other factors, such as your credit history. With that said, however, to illustrate the favorability of loan terms, for commercial real estate loans, repayment terms of up to 15 years are available. 

Competitive Rates

Competitive rates are another advantage of the business loans that Belco Community Credit Union offers. Similar to the terms offered on their loans, rates on Belco Credit Union loans vary from product to product. As well, a variety of factors will impact the rates that you are eligible to receive, such as your financial history, the industry your business serves, and what it is that you intend on using the funds that the loan will provide for. 

Complete Transparency

When you apply for and secure a loan from Belco Community Credit Union, you can have peace of mind that you will receive complete and total transparency regarding all aspects of your loan. This includes the approval process, the terms, the rates, and the conditions. Unlike many other financial institutions and lenders, Belco never submits borrowers to predatory lending tactics. 

A Full Suite of Financial Products and Services

In addition to being able to apply for one of the several business loans that Belco Community offers, when you become a member of the credit union, you will also be able to take advantage of their full suite of financial products and services. These product and services include the following: 

Convenient Banking

When you become a member of Belco Community Credit Union, you will be able to enjoy the benefit of convenient banking. There are 14 branch locations throughout the state of Pennsylvania, which can be used to conduct in-person banking during normal hours of operation. Additionally, there are more than 30,000 surcharge-free ATMs that are located throughout the country. Furthermore, you can access your accounts, make payments, submit loan applications, and more via Belco Community Credit Union’s online and mobile banking services. 

What Type of Business Loans does Belco Community Credit Union Offer? 

Qualified business owners, including both first-time start-ups and the owners and operators of established businesses, may be able to acquire the financing they require for their business needs. Belco offers the following business loan options: 

Business Line of Credit

Business owners can apply for unsecured lines of credit, which can provide them with the flexible financing they require to handle their periodic borrowing needs. You may be able to secure up to $25,000 at a low interest rate. There’s never any penalty for prepayment, and you can continue to borrow over and over again. 

With a Belco Business Line of Credit, you will also be able to transfer funds into your Belco checking account from your line of credit or to meet your seasonal and/or short-term needs for things like supplies and unexpected costs. It also protects you against overdrawing your business checking account and can prevent you from having to pay for exorbitant overdraft fees. 

Other key features of a Belco Business Line of Credit include the following: 

Commercial Real Estate Loans

Whether you’re buying a new building for your first business, or you’re expanding or you want to renovate an existing business, with a commercial real estate loan from Belco Community Credit Union, you can secure the funding you require to secure the commercial space you need. 

There are several ways to finance your commercial real estate loan with Belco, including: 

Business Visa Credit Card

With a Business Visa Credit Card from Belco Community Credit Union, you can access the financial tools that make financial matters for your business easier and more convenient. You can use your credit card to purchase supplies, to pay vendors, or to secure cash until your accounts receivables are, well, received. 

Credit lines on a Belco Community Credit Union Business Visa Credit Card are up to $25,000. Other features include the following: 

“You can apply for membership with Belco Community Credit Union in a number of ways, even if you are located outside the state of Pennsylvania or Colorado.”

Who Should Apply for a Business Loan with Belco Community Credit Union? 

If you are an entrepreneur who would like to access financing for a new venture or you are the owner and operator of an established business who needs financing to expand or support your company, to apply for a business loan with Belco Community Credit Union, you will first need to become a member. 

You can become a member of Belco if you live or work in one of the following counties in Pennsylvania: 

If you do not live in one of the above-mentioned areas, but you have a family member who is currently a member of Belco Community Credit Union, you will automatically be eligible for membership. Furthermore, if you or an immediate family member works for one of the Belco Select Employee Group (SEG) companies, you are also eligible to apply for membership. You can access a full list of the employee / association groups here.

In addition to the above membership qualifications, Belco is also affiliated with Consumers United Association (CUA). This non-profit advocacy group educates consumers about financial matters. If you are a resident of the state of Colorado and you become a member of CUA, you will automatically be eligible to apply for membership with the credit union. 

Lastly, if you are located outside the state of Pennsylvania or Colorado and you are interested in becoming a member of Belco Community Credit Union, you can do so by joining the Belco Foundation. When you become a member of the Belco Foundation, which is a 501 (c) 3 non-profit organization, any of the contributions you make will be considered tax deductible, and you can apply for membership to the credit union. 

If you meet one of the aforementioned eligibility requirements, you can apply for membership with Belco Community Credit Union in a number of ways. You can either do so in-person at one of the 14 branch locations that are situated throughout the state of Pennsylvania. Alternatively, you can apply for membership online, via the credit union’s website, or over the phone by speaking with a representative of the credit union. 

In order to become a member, you will need to make a one-time $5 membership fee and a minimum deposit of $25. You will also need to present the following information: 

What are the Eligibility Requirements for a Belco Credit Union Business Loan? 

In order to be eligible for a business loan with Belco Community Credit union, you will need to meet certain qualifications that prove you are not a risk to lend to, but rather an asset. These qualifications vary and depend on several factors, such as the kind of loan that you are applying for, as well as the amount of financing that you require. With that said, however, the following are some of the general pieces of information that will be considered to determine if you qualify for a business loan. 

Credit Score

Both your personal and business credit score will be considered to determine if you are eligible for a Belco Community Credit Union business loan. The loan division is looking for a personal credit score of 670; however, you may still qualify for a loan if your score falls under 670, but it’s important to note that your interest rates will likely be higher, your terms may not be as lengthy, and you may not be eligible to borrow as much money. 

For your business credit score, the loan division of Belco Credit Union will look for a score of 80 to 100 on the Dun and Bradstreet PAYDEX scale, which is considered the “ideal” credit score for a business. If your score falls under 80, your chances of qualifying for a loan will be reduced, and if your score falls below 49, the likelihood that you will not qualify for a business loan is high. 

Revenue and Profit

In addition to your personal and business credit score, Belco Community Credit Union will consider your annual revenue and profit for your business. The loan division will request copies of your business bank account statements, as well as your business income tax returns. In order to determine if you have access to enough positive cash flow so that you can afford to repay the amount of financing that you are requesting on your business loan, you may be asked to provide copies of profit and loss statements. 

Debt-to-Income Ratio 

Your debt-to-income ratio is another factor that will be taken into consideration when Belco Community Credit Union is determining whether you are eligible for a business loan. Your debt-to-income ratio enables the loan division to determine if you can comfortably afford to take on the additional debt that the loan will place on your business. 

Industry

Businesses in some industries are automatically ineligible for financing through Belco Community Credit Union. For example, businesses that are in the pornography or illicit drug industry, you will not be eligible for a loan. 

Business Plan 

When you apply for a business loan with Belco Community Credit Union, the loan division may also request a business plan. This is particularly true if you are a start-up company. Your business plan will allow the credit union to analyze vital pieces of information, such as financial projections, profits, competitive analysis, and the outlook of your industry, which will help the credit union determine if lending to you would be an asset or a liability. 

How to Apply for a Business Loan with Belco Community Credit Union 

If you are interested in applying for a business loan with Belco Community Credit Union, you will need to present key pieces of information. Upon applying, a member of the loan division will let you know exactly what documentation you will need to supply; however, the following is an overview of some of the documents that will be requested: 


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