Member business loans are available to business owners and self-employed professionals.
Business Term Loans
This category includes the purchase of machinery and equipment, remodeling or expansion projects of commercial properties, business acquisition and refinance/consolidate business debt, purchase of business vehicles. The general rule is to finance up to 80% of the investment required. The term of the loan is up to a maximum of 10 years.
Short Term Notes
The purpose of these loans are to finance short term needs other than operating requirements and the maximum term is to be repaid in full within one year.
Commercial Real Estate Loans
This is a long term financing with amortization periods of up to 25 years with fixed interest up to 5 years. The purpose of the loan is to either purchase or refinance commercial or industrial property.
This loan type is available to acquire or refinance residential properties, which do not constitute the members principal residence or second home. Amortization up to 40 years is available.
Caribe Federal has established a relationship with the Small Business Administration (SBA) to expedite loans to small businesses. The SBA program helps small businesses that might qualify through other lending programs.
For information please call 787-474-5151 to extensions 5215 or 5239.