Farmers Business Loan

*The interest rate shown is FIGFCU’s current interest rate, based on credit worthiness. Variable rates are tied to a published index and may change after consummation based on market conditions. Variable rates are based on the Wall Street Journal Prime Rate plus a margin, and may adjust periodically in accordance with loan terms. Other rates, fees, costs, and terms may be available and are subject to change prior to final loan approval. Minimum and maximum credit limits apply based on underwriting guidelines. Lines of credit are subject to periodic review and may be modified, frozen, or closed based on account performance or credit status. During the draw period, monthly payments may be interest-only. The outstanding principal balance will be due in full at maturity (balloon payment).

This loan is subject to fees, costs, and approval. Approved loans will be charged UCC fees. This is not a commitment to lend. There are no prepayment fees.

There is a $500 repricing/loan modification fee for Agency Loans.

Must be fully licensed and appointed as a Reserve Agent under a Reserve Agent Appointment Agreement. 

FIGFCU Agent Financing Program: For business purposes only. Not available for commercial real estate, personal, family, or household use. Membership required. APR (Annual Percentage Rate) will be disclosed at the time of approval and prior to consummation. Rates vary based on creditworthiness and product type. For Agents: The following requirements must be maintained for the duration of the loan: (1) Required Payment Method: Loan payments must be made through Folio Deduction. (2) Additional Requirement (choose one): (a)Full Agent Net Check must be directly deposited monthly into a FIGFCU checking account; OR (b) At least $1,000 in monthly direct deposits must be made into a FIGFCU checking account; OR (c) An amount equal to three (3) times the monthly loan payment must be maintained in a FIGFCU savings account and may be restricted from withdrawal. In addition, all Folio, commission, bonus, and other payments owed by Farmers Insurance Group of Companies must be remitted through a Credit Union checking account. 

Insurance Agency Acquisition Loans: For business purposes only. Not available for personal, family, or household use. Membership required. Interest rates vary based on creditworthiness and loan structure. All rates, fees, and terms will be disclosed prior to loan closing. For Farmers Agents: The following requirements must be maintained for the duration of the loan: (1) Required Payment Method: Loan payments must be made through Folio Deduction. (2) Additional Requirement (choose one): (a) Full Agent Net Check must be directly deposited monthly into a FIGFCU checking account; OR (b) At least $1,000 in monthly direct deposits must be made into a FIGFCU checking account; OR (c) An amount equal to three (3) times the monthly loan payment must be maintained in a FIGFCU savings account and may be restricted from withdrawal. For all other businesses: The following requirements must be maintained for the duration of the loan: (1) Required Payment Method: Loan payments must be made through ACH automatic payments. (2) Additional Requirement (choose one): (a) At least $1,000 in monthly direct deposits must be made into a FIGFCU checking account; OR (b) An amount equal to three (3) times the monthly loan payment must be maintained in a FIGFCU savings account and may be restricted from withdrawal. The interest rate shown is FIGFCU’s current interest rate, based on credit worthiness. Variable rates are tied to a published index and may change after consummation based on market conditions. Other rates, fees, costs, and terms may be available and are subject to change prior to final loan approval. Minimum and maximum credit limits apply based on underwriting guidelines. Lines of credit are subject to periodic review and may be modified, frozen, or closed based on account performance or credit status. During the draw period, monthly payments may be interest-only. The outstanding principal balance will be due in full at maturity (balloon payment). This loan is subject to fees, costs, and approval. The loan is subject to a non-refundable application fee. A non-refundable application fee is required and will not be refunded regardless of approval outcome. Approved loans will be charged UCC fees and closing costs. The amount of your closing cost will be dependent upon the amount of your loan. An itemized estimate of closing cost will be provided prior to loan closing. Borrower agrees that the application fees must be paid prior to the application being processed. Payment of Loan Application Fees is not a guarantee of credit approval. This is not a commitment to lend. There are no prepayment fees.