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Business Loans
Look farther than a big bank for your business needs. Resource One has flexible financing options with great rates and quality service.
Financing solutions to keep business moving.
I need a loan for
COVID-19 Business Member Resources
Paycheck Protection Program (PPP) Loan
Resource One Credit Union is an authorized lender with the SBA and here to help you navigate the Paycheck Protection Program loan. If you are interested in a Paycheck Protection Program Loan contact us at 214-887-4213, email commercial@r1cu.org or fill out the interest form and we will contact you soon.
How it works
Paycheck Protection Program (PPP) loans are available for up to 2.5 times your average monthly payroll during the year preceding the application. Resource One requires the minimum of the loan request to be $2,500, which is a minimum weekly payroll cost of $1,000 per week.
All or part of your loan proceeds may be eligible for loan forgiveness. Any amount that is not forgiven will be treated as a two-year loan with a 1% fixed interest rate.
If all employees are kept on the payroll, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utility payments – for up to 8 weeks after the loan is issued and up to 100% of the PPP loan amount.
All payments (principal, interest, and fees) are deferred for 6 months; however, interest will continue to accrue over this period.
Required Documents
Although there can be unique situations where additional documentation may be necessary, businesses need to be prepared to provide the following when applying for the Paycheck Protection Program. Having this documentation will allow the financial institution to process your application more efficiently.
• Form 2483 SBA Application
• Although it is not requested on the form, it is necessary to provide your business NAICS code, the date the business started, and the address ZIP + 4.
• 2018 Tax Returns and 2019 if available
• Profit & Loss Statement for 2019, if the Tax Returns are not available
• Payroll tax filings
• 1099-MISC copies, if applicable
• Sole Proprietors will need to provide 2019 Schedule “C” whether or not you have already filed taxes
The submission of the application does not guarantee approval or funding. Resource One will be processing applications that contain all the required documentation as they are received. If your application is lacking information, please provide the required documentation as soon as possible to increase your chances of submission to the U.S. Small Business Administration.
Paycheck Protection Program Interest Form
Business Member Assistance
Living and working in the same communities as our member businesses, we understand the challenges many of you are facing right now. From potentially skipping loan payments to low-interest working capital loans, we will work with you and your business to find options that truly fit your needs.
We understand that you may have immediate questions and we’re here to help. If your business is being impacted by the coronavirus (COVID-19) pandemic, please reach out to us to discuss your options.
For servicing and support, fill out the loan hardship request form on this page, email us at commercial@r1cu.org, or call 214-887-4213.
Business Member Loan Hardship Request
Solution Focused
Our Business Development Officers take the time to get to know your business and offer innovative solutions to achieve your goals. After all, we succeed when you achieve.
Expertise
Our experts know the market and have the authority to make final decisions to help you capitalize on business opportunities.
Strong Balance Sheet
Our strong financial position means you have greater access to capital as your business grows.
Secured & Unsecured Term Loans
Your business has room to grow, and Resource One has term loans to fit your financial needs.
- Equipment purchases
- Leasehold improvements
- SBA Loans for startup or less-tenured businesses
- No prepayment penalties
Commercial Equipment & Vehicle Loans
Get your business rolling in the right direction with a commercial vehicle loan from Resource One. We offer large term loans to match your needs for purchasing equipment.
- Competitive rates
- Term to fit your needs
- No prepayment penalties
Business Lines of Credit
Let us help you with your short-term financial needs. A Resource One Business Line of Credit is an excellent resource to help your business effectively manage short-term cash flow. It provides convenient access to funds to help free up working capital.
- Additional inventory
- Bridge gaps between accounts receivable and accounts payment
Commercial Real Estate Loans
Resource One can help you be your own landlord. Whether you’re looking to purchase new property, refinance existing property, or expand your current facility, the right loan can help you achieve your goals.
- Commercial-use properties. Many property types qualify.
- Variety of repayment terms
- No prepayment penalties
Investment Property Loans
Reap the rewards of an investment property loan from Resource One.
- Low interest rates
- Variety of repayment terms
- No prepayment penalties
Additional Information
How Do You Apply for an SBA Loan?
While the standards for SBA-qualifying loans are more flexible than those for other types of loans, lenders are still required to evaluate your loan request. Follow these guidelines to make the best application you can.
Are Your Personal Finances in Order?
Starting a business can put a burden on your personal finances. It takes time before your new venture turns a profit and provides financial support for you and your family. Before starting a business, it is important to get your finances in order. Read more about how business and personal finances are related, and why strains on your personal budget can cause a financial risk to your business.
SBA Events
The SBA offers several online and in person courses to help you learn more about business functions. From starting a business, to managing a business, marketing your product, and financing you can find help on the topic you need.
Contact Our Team
Richard Mikeska
Business Development Officer
281-720-0544
Richard.Mikeska@r1cu.org
Ruben Medina
Business Development Officer
214-319-3159
Ruben.Medina@r1cu.org
Approved SBA lender. Subject to credit approval, must be eligible for and become a Resource One member. Restrictions may apply; see credit union for details.
