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Business Advantage Line of Credit

Designed for:

  • Improving cash flow, funding payroll, or seasonal working capital
  • Refinancing debt
  • Purchasing inventory and materials
  • Financing accounts receivable
  • Emergency funds
  • Overdraft protection

Features:

  • Fast, easy access to funds via check, banking center transfer and telephone authorization
  • Business access to funds when needed
  • Interest is charged only on the portion of the line in use
  • Flexibility to pay in full or over time
  • Competitive, variable rate of interest
  • Can be used as overdraft protection for a Kent Bank business checking account
  • May be secured by blanket lien on business assets, investments or owner occupied real estate
  • Convenient monthly repayment terms, including minimum interest-only payments and auto-debit payment from a Kent Bank business checking account

Requirements:

  • Business established 2 or more years.
  • Financial documentation required including the past 2 most recent years business tax returns, personal tax returns and current financial statements.
  • All owners with at least 20% ownership required to guarantee, with a minimum of 80% ownership represented.

Investment Secured Business Loans

Designed for:

  • Purchasing inventory and materials
  • Purchasing vehicles or equipment
  • Improving cash flow or permanent working capital
  • Refinancing debt
  • Financing accounts receivable

Features:

  • Use CDs, marketable securities, or savings to secure the loan
  • Increase access to capital
  • Competitive fixed or variable rates of interest
  • Convenient repayment terms, including auto-debit payment from a Kent Bank business checking account

Requirements:

  • First lien position on Investments held with Kent Bank Savings Account or CD
  • All account owners must execute documents required to perfect lien
  • All owners with at least 20% ownership required to guarantee, with a minimum of 80% ownership

Business Real Estate Loans

Designed for:

  • Can be used to construct, purchase, or refinance an owner-occupied business property, or expand or remodel existing facilities

Features:

  • Fully amortizing and balloon payment options
  • Competitive, fixed or variable rate of interest
  • Secured by the owner-occupied real estate being financed
  • Available amortization up to 20 years
  • Maximum of 80% loan to value, including fees financed
  • 1st and 2nd mortgages available on owner occupied real estate up to maximum loan to value

Requirements:

  • Business established 2 or more years
  • Copy of Purchase contract required (if purchase)
  • Most recent tax assessment on property
  • Outside appraisal of property value may be required
  • Financial documentation including the past 2 most recent years business tax returns, personal tax returns and current financial statements
  • All owners with at least 20% ownership required to guarantee, with a minimum of 80% ownership

Business Vehicle & Rolling Stock Loans

Designed for:

  • Business owners who want to finance the purchase of a new or used vehicle or business related rolling stock equipment.

Features:

  • May borrow up to 100% of the purchase price
  • Competitive, fixed rate of interest
  • May be secured by business assets
  • Convenient repayment terms

Requirements:

  • Dealer invoice validating purchase price must be provided
  • Business established 2 or more years
  • Financial documentation includng the past 2 most recent years business tax returns, personal tax returns and current financial statements.
  • All owners with at least 20% ownership required to guarantee, with a minimum of 80% ownership represented.

Agri Business Loans

Designed for:

  • Financing crop, dairy and livestock production expenses
  • Purchasing equipment
  • Breeding livestock
  • Purchasing land for the purpose of farming or ranching (not rural residences)

Features:

  • Secured by the equipment or land being financed
  • Convenient repayment terms, including quarterly, semiannual, and annual payments
  • Supported by a specialized agricultural lending team

Requirements:

  • Business established 2 or more years
  • Financial documentation including the past 2 most recent years business tax returns, personal tax returns and current financial statements.
  • All owners with at least 20% ownership required to guarantee, with a minimum of 80% ownership
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