Seaway Bank and Trust Company offers many ways to help businesses meet financial needs with personal and tailored services. Our interest rates are competitive, and our service is personal. Our loan officers work with you to determine your borrowing needs and eligibility, helping you choose and secure the financing that is just right for you and your business.

• Commercial Mortgages
• Construction Loans
• Commercial Term Loans
• Church Loans/Church Partnership Initiative
• SBA Loans
• Lines of Credit
• Letters of Credit
• Business Consortium Fund
• Application Checklist

To speak with a commercial loan officer or to receive a commercial loan application, call
773-602-4120 or click here to email.

Commercial Mortgages

Commercial Mortgages are usually used to purchase, refinance or refurbish all types of commercial properties, such as office complexes, mixed-use buildings, and multi-family apartments. Typically, the bank will lend up to 80% of the property’s appraised value and offer terms up to 20 years. The mortgage may carry a fixed or floating rate, depending on the borrower’s particular situation. Because of the nature of this type of loan, a commercial appraisal is essential to the approval process.

Construction Loans

A construction loan provides funds to build an office, plant or facility or to renovate or remodel an existing one, typically over a period of up to two years. Upon completion, the construction loan may be converted into a commercial mortgage.

Commercial Term Loans

A business term loan can provide the funding you need for purchasing items to help grow your business. Commercial term loans are 1 to 7-year loans designed with a payment schedule that fits your business needs. They are especially appropriate for long-term capital requirements—such as office improvements, machinery or vehicles. Fixed and floating rate loans are available.

Church Loans

At Seaway, we understand that building the church is an important ministry, and we work closely with pastors, church leaders and those in nonprofit organizations to assist with their financing needs. Loans are typically secured by a first mortgage on real estate owned by the borrowers and may be used for new construction or remodeling, the refinance of existing debt, acquisition of new property, or specific ministry needs, such as vehicles or equipment. Features include competitive rates that are tied to prime and flexible terms.

• No minimum loan amount
• Single loan lending limit is $4,400,000; higher amounts may be arranged through
     participating loans with other lenders
• Maximum loan to value is 85%
• No prepayment penalty

For more information on the Seaway Church Partnership Initiative (CPI), please click the following links:
Church Partnership Initiative Program
Applying for a Church Loan
E-Tithing
Products and Services
Community Outreach
Church Loan Application and Consent Form

SBA Loans

As an SBA lender, Seaway offers government-guaranteed loans for start-up financing, asset expansion and working capital. These loans are guaranteed up to 80% by the U.S. Small Business Administration and designed for new and emerging businesses with limited capital and collateral. If your business is independently owned and meets size criteria for number of employees, average annual receipts and/or business asset size, an SBA loan may be of interest to you. Advantages over conventional financing include a longer pay-back schedule and with less of the owner’s equity as collateral. A range of programs, with loan amounts up to $1,000,000, are available.

Lines of Credit

Seaway can provide you with check-activated access to revolving credit whenever you need it, such as to resolve seasonal cash flow issues or to take advantage of unexpected opportunities. To gain access to your funds you may either write a check for the required amount or simply transfer the money from the line of credit to your business checking account by telephone or online. The rate is variable, floating at a specified level above prime. This type of credit commitment is often used as interim financing, especially for construction projects.

Letters of Credit

Seaway can make it easy for you to buy from new or out-of-town suppliers or satisfy requirements for municipal projects. When you receive a Letter of Credit, Seaway issues a guarantee of payment to help you make purchases or transact business with others with whom you have limited purchase experience or credit history.

Business Consortium Fund Loans

The Business Consortium Fund, Inc. (BCF) was created in 1984 by the National Minority Supplier Development Council (NMSDC) to provide and facilitate financing to certified minority-owned business enterprises (MBEs). Currently the BCF is authorized to participate in a bank facility up to $750,000 or to guarantee up to $562,500.

Your MBE becomes eligible for this program if:

1. The company is a certified member of a Regional Minority Purchasing Council or Regional
       Minority Supplier Development Council, AND
2. There is a business relationship with a corporate member of the NMSDC or its regional
       councils, as a vendor or supplier.

Application Checklist

To start, the following information is required:
____   Three years of business financial statements
____   Three years of business income tax returns
____   Personal financial statement from for each principal of the business and any additional
                guarantors
____   Business Plan