Welcome to ChoiceOne Bank’s commercial lending digital portal.
Here you can apply for a ChoiceOne Express Loan or submit request details to our commercial lending team to contact you regarding other general loan types.
ChoiceOne Express Loans
ChoiceOne Express Loans must meet the general eligibility requirements below.
General Eligibility
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The business must be headquartered in the following counties within Michigan:
- Allegan, Bay, Genesee, Ionia, Kent, Lapeer, Livingston, Macomb, Mecosta, Montcalm, Muskegon, Newaygo, Oakland, Oceana, Ottawa, Saginaw, Sanilac, Shiawassee, St. Clair, Tuscola, or Wayne.
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All business owners with an ownership interest of 20% or more are required to apply as borrowers on the loan.
- The business or affiliates do not currently have any active non-Express commercial loans with ChoiceOne.
- Annual revenue is $1 million or less. (If revenue is in excess of $1 million, request will be submitted to commercial lending team to discuss lending needs in more detail to best serve you).
- The business must be in operation for at least 24 months.
- No prior business or personal bankruptcies or outstanding liens or judgments.
- Must be for business purpose.
- Business must not be in an ineligible industry.
- Currently have or open a ChoiceOne Bank Checking account for autopay.
What you’ll need to apply
- 3 months of bank statements for the business.
- 2 years of tax returns for the business and each owner 20% or more
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Names and email addresses for each owner 20% or more
- If you are applying with an additional applicant, they will fill out their personal information and submit their tax returns.
- Your personal information including address, phone number, and social security number.
- Business information including date the business was established, entity type (LLC, S-Corporation, etc.), annual revenue (most recent year), address, phone number, tax ID number, NAICS code, debts of the business, and number of employees.
- Details about your collateral for term loans (year, make, model)
ChoiceOne Express Line of Credit
- Loan amount up to $100,000
- Collateral required: First position lien on All Business Assets.
- Terms: 24 month interest only draw period followed by a 60 month term out / repayment of then current balance.
- Competitive variable rate based on underwriting criteria.
- Available for overdraft protection.
ChoiceOne Express Term Loans
- Loan amount up to $250,000
- New vehicle or equipment purchases only.
- Terms up to 84 months.
- Collateral required: Title or UCC filing on subject vehicle/equipment
- Up to 100% advance on vehicles; up to 90% on equipment
- Competitive fixed rate based on underwriting criteria
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