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Loans for the Expected and the Unexpected

When it comes to managing cash flow gaps, unexpected expenses, emergencies, working capital or new growth, a Business or Checking Line of Credit can help you better navigate the needs of a small business owner.

  • Unexpected Expenses
  • Working Capital

Business Line of Credit

Need help managing working capital, operating expenses, cash flow or payroll? Our Business Line of Credit (BLOC) offers an ideal solution.1 Different than a term loan, BLOCS are flexible, allowing you to use funds as needed rather than receiving a lump sum—meaning interest is only paid on credit used.

Highlights:

  • Revolving line of credit for operational purposes
  • Starting as low as $35,000
  • Variable rate tied to Prime1
  • Term length can match borrower needs
  • Must be secured2
  • Fees apply3

Best For:

  • Established businesses
  • Bridging cash flow gaps
  • Business growth
  • Unexpected expenses
  • Other operational purposes4

What You'll Need to Apply:

BLOC requests must be discussed with a lending representative before applying.

  • Completed and signed business loan application
  • Business tax returns under existing ownership (most recent 2 years)
  • Business plan may be required
  • Personal tax returns for all owners/guarantors (most recent 2 years)
  • Financial Statements (Balance Sheet, Profit and Loss, A/R A/P Aging Report, Debt Schedule)
  • Personal Financial Statement for all owners/guarantors pdf
  • Proof of collateral
  • Additional documentation may be required
  • Personal guarantee
  • Personal credit check

Checking Line of Credit

Get peace of mind with a Checking Line of Credit (CLOC),1 which protects your checking account from overdrafts and per-item overdraft fees.

Highlights:

  • Assigned limits of $500, $1,000 or $5,000
  • APR: 17.90%

Fees:

  • $50 annual fee5

Best For:

  • Overdraft protection of business checking account
  • Offsetting short-term cash needs

What You'll Need to Apply:

Ready to Apply?

To be eligible for Business Solutions offerings, business owners must first be members of Navy Federal Credit Union.

Already a Navy Federal member, but not yet a business member?

Join Today to become a Business Solutions member.

Already a business member and ready to apply for a line of credit?

Business Line of Credit

  • Call 1-877-418-1462, 9 am to 5 pm, Mon.-Fri., ET and request to be connected with a business lending representative.

Checking Line of Credit

  • Complete the application form and beneficial owner form (if required). Print them out and sign with a pen (digital signatures aren’t accepted). Then scan the signed document(s) and submit online.

You'll receive an update approximately 7-10 business days after you've submitted your request.

Disclosures

1

A business line of credit (BLOC) is a credit product and rates are based on creditworthiness and will vary with the market based on The Wall Street Journal Prime Rate. A business checking line of credit (CLOC) is a credit product with a fixed rate of 17.9% APR. CLOC repayment terms are 2% of the outstanding balance or $20, whichever is greater, and the total outstanding balance will be due when it is less than $20.

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2

Eligible collateral may include: accounts receivable (up to 80% of qualified receivables and requires an all business assets lien); inventory (with advance rates determined by underwriting); and qualified real estate (with Navy Federal in first lien position).

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3

Fees include: Annual fee of $325 for equity up to $100,000; 0.5% origination fee for limits greater than $100,000; lien search and recording fees may apply.

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4

Not to be used for real estate ventures.

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5

The initial $50 annual fee is assessed with the first statement.

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