Following are some of the most common questions we receive regarding business accounts and loans. Check to see if your question or issue is covered here before you contact our Member Business Services team - it might save you some time and trouble!
The primary document we'll need to open your business account is a business license and/or Fictitious Name Statement. If opening a partnership or corporation account, we will also need a Partnership Resolution or Articles of Incorporation which includes names that will be included as signers on your account. Signatures and photo identification will be required from each signer as well.
Each business membership requires, regardless of its size, that the majority of account signers have personal memberships with the credit union. If this has not yet been established, opening personal accounts at the same time is an easy fix: just note that each personal membership must be opened with a $50 Membership Savings Account (just like any business membership), and we will need to see a Social Security card for each new personal membership opened. (Please see our Patriot Act Disclosure for full details on this requirement.)
We will just need a current copy of your organization's meeting minutes (or if this doesn't apply, a letter signed by at least two of your previous signers) detailing who the revised list of signers should be. Any new signers will need to provide photo identification, and new signature cards will need to be completed, with a full list of updated signatures.
Generally our business loans will be for amounts over $25,000. If you need a smaller business loan, you are certainly welcome to apply for a line of credit or personal loan to meet your business needs. Discuss your goals with our Member Business Services team to see what else we might be able to do for you.
If you are unable to obtain all of the services you need at Coast Central, you might look into the following community-based and government-based organizations. They specialize in services, and sometimes loans, for new or developing businesses who may not qualify for conventional business financing.