Offers Small Business Loans Up to $500,000 With Funding in as Little as a Week
WEST CHESTER, PA – February 15, 2022 – Benchmark Federal Credit Union, the only federal credit union to exclusively serve Chester County, is announcing the launch of a Commercial Banking Division that specializes in commercial lending services, commercial real estate, and small business loans.
“This expansion demonstrates our commitment to the Chester County businesses that are so critical to the growth of our local communities,” says Daniel J. Machon, Jr., President and CEO of Benchmark Federal Credit Union. “Now anyone who lives, works or worships in Chester County can benefit from our competitive commercial services as well as the high-quality personal financial services we have delivered in Chester County for more than 80 years.”
To celebrate, Benchmark Federal Credit Union is introducing a Small Business Financing offer for non-real estate loans of $25,000 to $500,000 with funding in as little as one week. Ideal for businesses that require immediate financing due to unforeseen circumstances like an equipment failure or major building repair. Loan terms are one to five years and fully amortizing.
Machon says Benchmark FCU’s Commercial Banking Division has been developing gradually since the onset of the pandemic, when Benchmark FCU quickly launched several programs to support small businesses and nonprofits, including up to $1 million in interest-free loans for Chester County businesses through the Benchmark Cares Loan Program.
“That one-time emergency program was so popular that we decided to make it our permanent mission to help Chester County businesses survive and thrive,” says Machon.
Benchmark FCU’s Commercial Banking Division also offers an Ultimate Business Checking with no minimum deposit, free digital banking and up to 200 free transactions every month. Commercial Lending Services include commercial mortgages, commercial real estate secured lines of credit, residential investment property mortgages, term loans, as well as small business loans with better rates and fewer fees. With three convenient branches located in Westtown, Downtown West Chester and Phoenixville, Benchmark FCU has more than 5,000 shared branches and 2,000 self-service locations in all 50 states, and refunds on ATM withdrawal fees nationwide.