Commercial Lending FAQs

Before we get down to business...

We're here to support you and other business owners in Southeast Texas. But first, there are some things to know about our business lending practices.

Get the answers you need

These are the questions we receive most often from members. If you have more, please contact us.

That depends on the type of business you have. View the requirements for each business structure.

Your business is considered separate from your personal account by regulators. Your business must have a savings account to establish membership for your business. If you're cashing checks payable to your business, you need to have a business account.

The minimum deposit to open a business checking depends on the type of business checking you want. You only need $25 to open a Free Checking account, $100 to open a Simple Checking account, and $500 to open a Plus Checking account.

There is no minimum balance for a Free Checking account. If you have a Simple Checking account, you need to keep $1,000 in your account each day. Your Plus Checking account requires a $2,000 balance in your account each day to avoid the minimum balance fee.

Yes. We require an EIN for all business accounts.

Yes. You'll need meeting minutes and a proof of EIN to open the account.

That depends on many factors. We consider your credit history, income, business gross sales, your time in business, previous credit limits, and other variables.

Current income is one of the factors that we assess when determining loan eligibility, but it does not necessarily disqualify you from getting an Education First loan.

Approval normally takes place within 1 to 2 weeks and funding is provided within the first month of approval.