Business Banking Express Loans
Univest’s business express loan options are designed to provide businesses with quick-funding loans up to $100,000 and offer:
- Competitive interest rates
- Faster loan approvals
- Limited documentation
|CREDIT LIMIT1||$5,000 - $100,000||$5,000 - $100,000|
|TERM2||3-year draw with a repayment period||5 or 7 years|
|INTEREST RATE3||Prime + 5.00%||
5-years: Prime + 4.00%
7-years: Prime + 5.00%
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- Credit Limit: All Univest Business Banking Express loan and line of credit applications are subject to approval, require a personal guarantee from business owner(s) as defined by the Bank, and collateral of business assets. Loan amounts over $50,000 will also require proof of business personal property insurance. The Univest Business Banking Express Loan Program is not available for loan amounts over $100,000 or to non-profit organizations. A depository relationship shall be established and maintained with Univest for the duration of the Loan.
- Line of credit term has a 3-year, variable rate draw period; loan balance is then converted to a 10-year fixed-rate principal and interest term. Term loans are fixed for 5 or 7 years.
- Interest Rate is based on the Prime Rate as published in The Wall Street Journal plus a margin. Prime rate is 5.00% as of 10/22/2019.
- A one-time processing fee to be collected at loan origination.