Easily cover the costs of your business
Our small business lines of credit lets you borrow what you need, when you need it, to keep operating your business.
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Good to know
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Documentation and loan fees
Credit lines of $50,000 and over have a documentation fee from $250 and loan fee of 0.25% to 1%.
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Third party expenses
Additional third party expenses may apply for secured loans (i.e., appraisal, inspection, reports, etc.).
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Variable interest rates
Most lines of credit over $50,000 will have a variable interest rate.
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Collateral options
For secured lines of credit, accounts receivable, inventory, or other business assets are often used as collateral.
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1
Complete an online application
You'll need your Social Security number and driver license.
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2
Start borrowing
Get the cash you need, when you need it.
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3
Manage your money online
Easily manage your money with online and mobile banking.
Mike and Jenny share their journey of starting a new business with support from RCU, and what local banking means to them.
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Why Choose RCU?
At RCU, we’re passionate about helping our Members improve their lives. If you want a credit union that keeps your unique needs in mind and helps you envision and manage your financial future, the friendly experts at RCU are here for you.
Named one of America’s Best Credit Unions by Newsweek
Recognized by Forbes as one of America’s Best Small Employers 2023
Not sure where to start? Let us help you.
Let’s determine the best loan for your needs and begin the application process together.
Access available cash flow when you need it
Secure the funds you need to keep your business running smoothly.
Rates
Forms
Business Line of Credit Form
*You may bring all completed forms into any RCU branch or mail it to the following address:
Redwood Credit Union
Attn: Business Services
P.O. Box 6104
Santa Rosa, CA 95406-0104
Business Line of Credit application
To submit your completed application, email BusinessLoans@redwoodcu.org and request a secure link to upload your application. We’ll reply with your link and further instructions.
Need help?
If you have questions, please schedule a 15-minute call with one of our Loan Officers to guide you through the application submission process.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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