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:
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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.
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Business must not be in
ineligible industry:
- Rental Properties and house flipping - Passive businesses owned by developers and landlords that do not actively use or occupy the assets acquired or improved with the loan proceeds
- Financial businesses primarily engaged in the business of lending, such as banks, finance companies, and factors
- Businesses located in a foreign country
- Pyramid sale distribution plans
- Businesses deriving more than one-third of gross annual revenue from legal gambling activities
- Businesses engaged in any activity that is illegal under Federal, State, or local law
- Government-owned entities
- Businesses with an Associate who is currently incarcerated, serving a sentence of imprisonment imposed upon adjudication of guilty, or is under indictment for a felony or any crime involving or relating to financial misconduct or a false statement
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Businesses which:
- Present live performances of a prurient sexual nature
- Derive directly or indirectly more than de minimis gross revenue through the sale of products or services, or the presentation of any depictions or displays, of a prurient sexual nature
- Unless waived by SBA for good cause, businesses that have previously defaulted on a Federal loan or Federally assisted financing, resulting in the Federal government or any of its agencies or Departments sustaining a loss in any of its programs, and businesses owned or controlled by an applicant or any of its Associates which previously owned, operated, or controlled a business which defaulted on a Federal loan
- Money Service Business
- 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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