Addition Financial: Your Partner in Starting a Business

Table of Contents

1. What Role Can a Credit Union Play in Starting a New Business?
2. How Can Addition Financial Help with the Financial Challenges of Starting a New Business?
3. What Services Does Addition Financial Offer to Support New Business Owners?
4. What Educational Resources Does Addition Financial Provide for New Entrepreneurs?
5. What Makes Addition Financial the Right Choice for Entrepreneurs Starting a New Business?
6. Get Help from Addition Financial for Your New Business

Anybody who’s starting a business knows it’s one of the most challenging things you can attempt to do. As a small business owner, you may be solely responsible for everything from market research to financing to customer service. You’ll wear many different hats and regardless of how good you are at doing those things, you’ll need help along the way for a successful business. That’s where finding the right financial partner comes into play.

At Addition Financial, we love working with small business owners and entrepreneurs because we recognize what an important role they play in our local economy. Whether you’re an aspiring entrepreneur, a sole proprietor or the owner of a business that’s growing, we have the right business bank account and the guidance you need to meet your goals and turn your business idea into a successful and thriving company.

What Role Can a Credit Union Play in Starting a New Business?

Let’s start with why it’s important to partner with a financial organization and the role that a credit union can play in helping new business owners like you.

Credit unions and banks provide many of the same services, but there are some important differences to know. If you need a business checking or savings account, a business credit card or a small business loan, you can get those from both banks and credit unions. The difference is that credit unions are membership organizations and banks are not.

As a business member of a credit union, you’ll get lower interest rates and fees than you would at a bank. You may also qualify to earn dividends (membership shares) on your deposits if you have certain types of accounts. 

Another benefit of choosing a credit union over a bank is that the lending requirements for small business loans and lines of credit are often less restrictive with a credit union. All account holders are owners of the credit union, and all members are vested in one another’s success. You’ll be one step closer to bringing your business idea to life.

How Can Addition Financial Help with the Financial Challenges of Starting a New Business?

Addition Financial is a credit union serving communities in Central Florida. We see and support the roles that small businesses play in our membership area and we love working with solo entrepreneurs and new business owners to help them succeed.

Specifically, we offer accounts that are designed to be affordable and functional for starting a business. An example is our Business Access Checking Account, which provides 25 free transactions per month, to help business owners save money.

We’re also here to talk to small business owners about everything from business structure to business lending. Whether your business is a sole proprietorship, a partnership, an LLC or a corporation, we can help you figure out how to manage your cash flow, apply for loans or lines of credit or help with employer responsibilities such as payroll.

What Services Does Addition Financial Offer to Support New Business Owners?

To help our small business owners, Addition Financial offers accounts and services that are specifically designed to assist businesses get off the ground and achieve their growth goals.

Business Checking Accounts

A business checking account is something every small business needs. It’s what you’ll use to pay your vendors and suppliers and make sure your payroll is taken care of, too.

Addition Financial offers several bank account options for small business owners. As we mentioned already, our Business Access Checking Account offers 25 free transactions per month, making it an ideal choice for solo entrepreneurs and brand new businesses.

Our other checking accounts include:

If you’re not sure which checking account is best suited to your needs, we’ll be happy to discuss your business requirements and help you choose the account that’s right for you.

Business Savings Accounts

Having a business savings account is helpful because it means that even if you don’t have a balance large enough to qualify for the highest dividends, you can still earn money on your deposits. Addition Financial offers these business savings accounts.

You should be aware that our money market account has no minimum deposit requirement, but you’ll need a balance of $1,000 or more to earn dividends.

Business Loans

One of the things that helps business ideas come to life is business lending. Every company, regardless of its size or purpose, needs money to operate. For new business owners, the issue of cash flow is one that looms large. In fact, insufficient cash flow is the number one reason that small businesses fail.

Addition Financial offers several loans for businesses in our membership area.

Term Loan

Addition Financial offers term loans, which are a form of installment loan. The maximum amount for an unsecured loan is $100,000, and the max for secured loans is $250,000. We offer terms up to 60 months and interest rates are fixed.

Commercial Line of Credit

A business line of credit is a form of revolving credit, which means it shares some features with a credit card. You borrow what you need up to your borrowing limit and pay only for what you borrow. We offer business lines of credit up to $250,000 with variable interest rates and terms up to 60 months.

Business Equipment Loan

Business equipment loans are loans designed to help business owners pay for necessary equipment, whether that means laptops for employees or heavy machinery. We offer a minimum loan of $5,000 and terms up to 84 months with a fixed interest rate.

Business Vehicle Loan

If you need cars or trucks for your business, Addition Financial can help with a commercial vehicle loan. We can lend up to $250,000 with terms up to 72 months and a fixed interest rate. You can use the funds to buy one vehicle or a whole fleet of them–whatever your business needs.

Commercial Real Estate Loan

Addition Financial offers loans for both owner-occupied and non-owner-occupied properties. Loan amounts start at $25,000. To qualify, the property you’re buying needs to be in one of 24 approved Florida counties, and you can get the full list of eligible counties on our membership page.

Payroll Services

Managing employees is one of the most challenging aspects of being a business owner. Payroll is a serious consideration for all businesses and you may need help to make sure that your employees are paid on time and that all necessary taxes are withheld and paid. Addition Financial has partnered with Paychex to provide our business members with dedicated payroll services to minimize the risk of mistakes and tax penalties.

Merchant Services

When you market your business, one of the things potential customers want to know is whether they can pay you with a credit card. That’s why Addition Financial offers Merchant Services through our partner, Electronic Merchant Services (EMS). They’ll help you accept credit and debit card payments and manage every aspect of accepting credit card payments.

What Educational Resources Does Addition Financial Provide for New Entrepreneurs?

We provide an array of educational resources to help small business owners. These include blog posts about business topics such as business loans, business credit cards, payroll software and marketing your business. We also have several business guides and checklists to help you with various aspects of running your company.

Most importantly, we have our Addition Financial employees, who are here to answer your questions about our business accounts and services and help you choose what’s best for you and your business goals.

What Makes Addition Financial the Right Choice for Entrepreneurs Starting a New Business?

There are a lot of things you need when you’re starting a new business. You may have one or more business ideas. You might have a detailed business plan. What you’ll need at every stage is a financial partner who can help you determine which tools and accounts you need for your company.

Addition Financial is more than a financial institution; we’re a family. Our members are part of something bigger than they are because they all share in one another’s successes. Big banks don’t have the time to engage with account holders in the same way that we do. We’ll help you choose the right accounts and services now, and we’ll be here as your business evolves and grows. 

Ultimately, we want your success as much as you do. Partnering with us means you’ll always have access to the biggest benefits–even if your business is just getting started.

Get Help from Addition Financial for Your New Business

Starting a business isn’t easy, but you can do it if you have the right support, accounts and tools. Businesses in the Addition Financial membership area can take advantage of competitive rates and dividends with a personal touch.

Do you need a financial partner to help get your new business off the ground? Addition Financial would love to have you as a member. Click here to read about our business checking and savings accounts and join today!