Brown Deer-based Bank Mutual is offering specials on its new money loans for small businesses in order to meet customers’ changing business needs.
Business customers are eligible for a $25,000 to $200,000 term loan or line of credit. Rates for amounts of $25,000 to $49,999 are prime +1.99% for lines of credit and 3.99% to 4.99% for term loans. For loans from $50,000 to $200,000, the line of credit rate is +0.99% and the term loan rate is 3.49% to 3.99% or 4.50% to 4.99% for new vehicles.
Term loans are to be used for equipment, vehicle or real estate purchases, with a maximum 20 year amortization on real estate. Lines of credit have a 12-month maximum term, interest-only payments and no prepayment penalty.
The bank developed the specials to help propel small businesses forward, it said in a release.
“Bank Mutual has created these loan options to make starting and/or growing small businesses easier, and will work with each customer to find the unique solution that best suits their needs,” the bank said.