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Bethpage Federal Credit Union Small Business Loans

Is your small business based in the state of New York? Do you plan to expand your operation? Then Bethpage Federal Credit Union may be the right option, offering a wide range of lending products specifically designed for businesses.

Bethpage Federal Credit Union was established in 1941 in Farmingdale, on New York's Long Island, for the Grumman Aircraft Engineering Corporation employees, originally named Grumman Plant 1 and 2 Federal Credit Union. Bethpage Federal is the 13th largest credit union in the country today, managing more than $9.3 billion in assets and serving more than 430,000 members.

Sarah Klein Bethpage Federal Credit Union was established in 1941 in Farmingdale, on New York's Long Island, for the Grumman Aircraft Engineering Corporation employees, originally named Grumman Plant 1 and 2 Federal Credit Union. Bethpage Federal is the 13th largest credit union in the country today, managing more than $9.3 billion in assets and serving more than 430,000 members.
Sarah Klein
August 15, 2022

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Are you an entrepreneur and you have a fantastic idea for a new business venture that you know will succeed, but you just need the funding to get it off the ground? Do you own and operate an established business and you need financing so you can purchase a new fleet of vehicles, so you can buy a new commercial property so you can expand your operation, or you’re interested in securing a line of credit to offset seasonal cash flow? Whatever the case may be, business lending from Bethpage Federal Credit Union may be the right option for you. 

On October 28, 1941, Grumman Plant 1 and 2 Federal Credit Union was established in Farmingdale, on New York’s Long Island, for Grumman Aircraft Engineering Corporation employees. In 1948, the name was changed to Bethpage Aircraft Federal Credit Union, and in 1974, it was changed again to Bethpage Federal Credit Union, and the name remains the same to this day. 

In 1988, the financial institution’s Bethpage headquarters opened, and it converted to a Community Charter that served anyone who resided in Long Island’s Nassau and Suffolk Counties in 2003. Also in 2003, it was approved as the largest federal community charter in the country, and rapid growth soon followed. Fast forward to 2016, Bethpage expanded its charter and opened up membership to every United States citizen who deposits at least $5 into a share (savings) account. 

A federally chartered company, as of January 2017, Bethpage Federal Credit Union became the largest credit union company in the State of New York. Today, it’s the 13th largest credit union in the country, managing more than $9.3 billion in assets and serving more than 430,000 members. 

Bethpage Federal Credit Union offers a wide range of lending products that are specifically designed for businesses. If you’re a member of the credit union, you will be eligible to apply for the business financing products they offer. Additionally, you will be able to take advantage of the wide range of other business banking services they offer, such as checking and savings accounts, merchant services, investment planning, their handy business center, and more. Of course, you’ll also be able to access all of the personal banking services that they provide, including free checking, savings accounts, IRA accounts, investment programs, robust lending options, and an assortment of other services. 

Bethpage Federal Credit Union has a total of 34 full-served branches, all of which offer in-person banking and 24- hour ATMs. There are more than 30,000 ATMs situated throughout the nation, too.

“Bethpage Federal Credit Union is completely transparent with their business loans, so you don’t have to worry about lending tactics.” 

What Does Bethpage Federal Credit Union Offer? 

A Range of Business Loan Products

Bethpage Federal Credit Union offers several commercial financing products for qualifying applicants. These products include the following: 

Flexible Loan Amounts, Terms, and Rates

You can borrow varying amounts of money with the business loan products offered by Bethpage Federal Credit Union. Additionally, the terms and rates on their commercial financing options are quite flexible. The amount that you will be eligible to borrow, as well as the terms and conditions, and the interest rates, depends on a variety of factors, including: 

When you apply for commercial lending with Bethpage Federal Credit Union, you will be provided with in-depth information that pertains to the eligibility requirements, as well as the factors that the loan department will consider when they are determining whether or not you will be approved for a loan. 

Robust Business Banking

In addition to commercial loans, Bethpage Federal Credit Union also offers a robust business banking program. Options include the following: 

Complete Loan Transparency

Bethpage Federal Credit Union is completely transparent with their business loans, so you don’t have to worry about predatory lending tactics, as the financial institution will let you know, in detail, about the terms, conditions, and all other pertinent information that pertains to their business loans. 

Robust Personal Banking 

When you apply for membership with the Bethpage Federal Credit Union, in addition to applying for business financing and taking advantage of their business banking options, you can also make use of their personal banking products and services, which includes the following: 

Ample Knowledge and Experience

Bethpage Federal Credit Union has more than 80 years of experience standing behind them. As such, they are highly knowledgeable, and such a long-standing history proves that the financial institution is committed to meeting the needs of members. They have a help center, which offers 24-hour emergency services, and can be accessed by calling 866.820.3847. Additionally, Bethpage Federal Credit Union features a FAQ section on their website, where you can find answers to some of the most frequently asked questions that members have about their accounts, such as general banking, loan information, info for new members, online banking, and more. 

Convenient Banking

Banking and managing your accounts with Bethpage Federal Credit Union is very convenient. There are a total of 34 full-service branches, where you can conduct in-person banking and can speak directly with employees. All branches are equipped with 24-hour ATMs. Additionally, there are more than 30,000 free ATMs, which are located in various locations throughout Long Island and the State of New York (the company’s home base), as well as across the nation. 

In addition to in-person banking, Bethpage Federal Credit Union also offers online banking and mobile banking. For online banking, you can log-in to your account via the credit union’s website, and once logged-on, you can do things like view real-time account info, transfer funds between your accounts, see images of canceled checks, print out account information, gain access to your credit card information, and make payments on your loans. Mobile banking can be accessed via your Smartphone, and you can receive mobile alerts, conduct banking via text, and deposit checks using the iPhone app. 

“Bethpage Federal Credit Union offers several different loan products specifically intended for business owners.”

Who Should Apply for a Business Loan with Bethpage Federal Credit Union? 

Only members can apply for the business loan products that Bethpage Federal Credit Union offers; however, acquiring membership is easy, as any US citizen can become a member when they open a savings account with a $5 deposit. 

Because any US citizen can become a Bethpage member, anyone business owner who is in need of financing can apply for a loan; for instance, if you need funding to purchase a commercial property so you can launch a new or expand an existing business, if you need to purchase new company vehicles, or if you would like finance working capital, you can apply for a commercial loan with Bethpage Federal Credit Union. It’s important to note, however, that as with any financial institution, just because you apply for a business loan, that doesn’t automatically mean that it will be approved. Requirements for approval vary. To learn more about the approval requirements, call the toll-free customer care number, where you will be able to speak with an associate and ask any questions that you may have. 

What Kind of Commercial Loan Products does Bethpage Federal Credit Union Offer? 

Bethpage Federal Credit Union offers several different loan products that are specifically intended for business owners. These products include the following: 

Commercial Vehicle Loans

With a commercial auto loan from Bethpage Federal Credit Union, you can get the financing you need to get —or to keep— your business rolling. The funding that a commercial auto loan provides can be used to purchase a single vehicle or an entire fleet of vehicles. Flexible terms are available, with options for up to 84 months. Low rates are available, too. 

Commercial Real Estate Loans

Bethpage Federal Credit Union has established a commercial real estate group that works specifically with Long Island business owners. Transactions that are funded with Bethpage commercial real estate loans include properties of all shapes, sizes, types, and locations. 

The following commercial mortgage options that are available to Bethpage Federal Credit Union members include: 

Lines of Credit

With a business line of credit from Bethpage Federal Credit Union, you will have instant access to the funds you need to power the everyday needs of your business. Both secured and unsecured lines of credits are available, you can borrow a revolving line of credit and repay as needed, you can finance gaps in collections of your receivables, or you can use the funds to purchase more inventory that your business sells. 

Term Loans

With a term loan from Bethpage, you’ll have the convenience of making regular payments that are set out over a period of time that you get to choose. If you’re looking to boost your capital, a business term loan may be the right option for you. You can use the funds to grow your business, to purchase or refinance tools and equipment, to invest in additional assets, or to make capital or leasehold improvements. Another benefit is that you’ll be able to take advantage of low interest rates. 

How Do I Apply for Membership with Bethpage Federal Credit Union? 

As mentioned, all United States citizens are eligible for membership with Bethpage Federal Credit Union; you just need to open a savings account and make a $5 deposit. 

In order to apply for membership and open an account, you can visit one of the credit union’s 34 full-service branches, or you can complete an application online via the Bethpage Federal Credit Union website. Once there, simply click on the “open an account” tab and when the prompt that asks whether or not you are a member pops up, select the “No, I’m not a member” option. After you select this option, you will be asked a series of questions or be prompted to make selections that pertain to your personal information. 

It only takes a few minutes to apply for membership with Bethpage Federal Credit Union. Once you are approved, you will be able to proceed with opening a savings account and making the required $5 deposit. 

It’s important to note that in order to apply for membership and open a savings account, you will need to provide the requested information, which includes the following: 

Once you have completed the membership application and have successfully established a savings account, you can then proceed to take advantage of both the personal and business products and services that the credit union offers, including the business loans they provide. 

What Are the Bethpage Federal Credit Union Business Loan Eligibility Requirements? 

As pointed out, in order to qualify for a business loan with Bethpage Federal Credit Union, you first need to become an active member of the credit union, and as stated above, in order to do that, you will need to open and deposit $5 in a savings account. Once you have completed the process, you can then apply for a business loan. 

When you apply for commercial financing with Bethpage, the loan division will pull your credit score information from the primary credit unions. Like most other financial institutions, Bethpage Federal Credit Union prefers that applicants have a credit score of at least 670. If your credit score is lower than this, there is a chance that you will be eligible for financing; however, it is important to note that the amount you can borrow and the terms will be limited, and the interest rates will likely be higher, too. 

When determining your credit score and whether or not you are eligible for business financing with Bethpage Federal Credit Union, the following factors will be assessed and considered: 

In addition to your credit score, several other key factors will be considered when determining whether or not you qualify for business financing with Bethpage Federal Credit Union. These factors include the following: 

Your Business Standing

The loan division at Bethpage Federal Credit Union will want to know about the history of your business, its current standing, and the type of financing that you are attempting to acquire. For certain kinds of loan products, you might be asked to provide a business plan that highlights your projected financial statements, including profits and losses, balance sheets, and cash flow. 

Your Financial Standing 

To assess and determine how creditworthy your business is, the lenders at Bethpage Federal Credit Union may want to assess different kinds of information that will give them a clear picture of your financial standing. This includes your credit score, of course, as well as both your personal and business banking statements, your personal and business tax returns, and other key details that would help the loan department determine if your business is eligible for a loan. 

Collateral 

The kind of commercial financing that you will be able to acquire through Bethpage Federal Credit Union may depend on what kind of and the value of collateral that you can use to put against the value of your loan. That said, making sure that you have details that highlight the value of any items that you would be willing to use as collateral to support your loan before you apply for financing is recommended. 

Your Legal Standing

There’s a chance that Bethpage Federal Credit Union will want to learn about the contracts that your company has with third parties, any open leases that you may have, and other agreements that you have made. Furthermore, the Bethpage loan division might want to review the license and registration of your business. 

How Much Will I Be Able to Borrow with a Bethpage Federal Credit Union Loan? 

The amount that you will be able to borrow with a Bethpage Federal Credit Union loan varies and depends on several factors, such as: 

When applying for commercial financing with Bethpage Federal Credit Union, after the credit union’s loan division examines your application and all supporting documentation, a loan advisor will reach out to you to let you know how much you are approved to borrow. 

Will I Need to Supply Documents When Applying for a Business Loan with Bethpage? 

Yes, you will need to provide all of the supporting documentation that the credit union requests. If you fail to provide these documents, the loan approval process, and as such, the ability to access your funds, will be delayed. That said, when you submit your loan application, make sure that you include all of the requested documentation. 

Examples of some of the documents that you might be asked to provide when you apply for a business loan with Bethpage Federal Credit Union include the following:

How Long Does the Loan Approval Process Take? 

The length of time it will take for your business loan to be approved after you submit your application and the supporting documentation varies and will depend on a number of factors. These factors might include the following: 


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