We provide a full range of secured and unsecured lines of credit, as well as term loans to help businesses meet their needs for short, intermediate, and long-term funds. Because of our local, streamlined lending procedures, you won't have to wait weeks for a decision from a loan committee at a distant 'home office' - upon receipt of a completed application; you'll get a decision within days.
Our experienced lending officers will work closely with you, explaining all the available credit options and structuring the loan in the most advantageous way for your business. The major types of commercial loan products we offer include:
- Working Capital Line of Credit - a fast, convenient, and affordable way to access the funds your business requires. Money is available quickly, allowing you to take advantage of arising business opportunities without having to negotiate separate, individual loans for each occurrence. Those funds provide your business the cash it needs to keep growing until you can cover all operating expenses out of revenue. You only pay interest on the funds that are outstanding.
Because of its flexibility, working capital line of credit is useful in a variety of situations:
- Funding changes in accounts receivables- covering expenses when funds are low and collections are still outstanding
- Financing seasonal inventory- if your cash flow fluctuates widely from season to season
- Reducing costs through vendor discounts- allows you to purchase supplies in larger quantities, thus taking advantage of lower costs and special deals
- Meeting any other cash flow needs you may encounter
Obtaining capital through this method with other institutions can be difficult for many businesses, but Amalgamated bank of Chicago makes it convenient and easy.
- Equipment Loans - these loans allow businesses to purchase equipment or expand plant facilities, or to permanently increase inventory secured by specific equipment and/ or real estate. These loan rates are typically fixed and pricing is negotiable. They are generally repaid by monthly installment payments within a one to five year timeframe.
- Construction Loans - floating rate loans for the construction of office buildings, warehouses, industrial buildings, shopping centers, and other commercial properties are available at ABOC as well. These mortgages are secured by the specific property and the rates usually have variable rates. Pricing is negotiable and the loan term is one to two years.
- Commercial Mortgages - Amalgamated Bank of Chicago offers mortgage loans for purchase and rehabilitation of commercial properties, secured by the specific property financed. Real Estate options such as Owner Occupied Industrial Properties or Income Producing Real Estate Mortgages, including apartment buildings and retail shopping centers, are available for your business. Mortgage rates on these loans can be fixed for up to 5 years with an amortization period of up to 25 years. Floating rates are available as well.
Amalgamated Bank of Chicago also provides Letters of Credit - to meet financing needs for performance/payment bonds domestically.
With an in-depth knowledge of construction, interim, and permanent mortgage financing, Amalgamated Bank of Chicago can customize financing arrangements to meet the needs of the Chicago metropolitan area's real estate industry.
Because we can structure virtually any size and type of loan package, we can help you analyze all possible borrowing options in order to negotiate the best package for your business.
To find out more about our comprehensive commercial banking services, contact Richard Wojtecki at 312-822-3207 .