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OPEN A BUSINESS ACCOUNT/APPLY FOR A LOAN

Your profits are hard earned. Deciding where to put them should be easy.

 

Open an account or apply for a loan.

Want options for your business? Choose from a business checking, savings, money market account or CD. Check out our business loan options below, too!
 

Open a Business Checking, Savings, Money Market Account or CD.

All it takes are two simple steps.

Step 1: Get your documents in order

To open a business account, you must provide specific documentation to verify your business and the individuals associated with it. Here's a checklist of the documents required, based on your business type:

Heritage Bank currently requires business accounts to be opened in person at a branch.

  • State business license or registration from the appropriate state site

Heritage Bank currently requires business accounts to be opened in person at a branch.

To open a partnership account, you will need:

  • Partnership agreement
  • Business license or registration
  • Certificate of Limited Partnership (Limited Partnerships only)

To open a joint venture account, you will need:

  • Joint venture agreement
  • Business license or registration

Heritage Bank currently requires business accounts to be opened in person at a branch.

To open a Limited Liability Company (LLC) account, you will need:

  • Operating Agreement

Heritage Bank currently requires business accounts to be opened in person at a branch.

To open a Corporate account, you will need:

  • Articles of Incorporation
  • Corporate by-laws
  • Meeting minutes (must be signed and must include the officers elected by the Board of Directors)
  • Business license or registration

Heritage Bank currently requires business accounts to be opened in person at a branch.

To open a Nonprofit account, you will need:

  • Social or Lodge Resolution OR meeting minutes (only one is required)
  • Business license or registration

Step 2: Bring your documents to a branch near you

Let an expert get you started. We look forward to working with you.

 

Apply for a Business Loan.

Here are some helpful steps to get you started.
 

Step 1: Research what type of loan you need

How much do you need to borrow?
A detailed and convincing business plan, including a profit and loss budget and cash flow forecast, can help you determine your borrowing needs. It can also positively influence the outcome of your loan application.

How frequently do you need to access funds?
Determine whether you require access to the full loan amount up front (i.e., a large one-time equipment purchase) or you need to access funds on a semi-regular basis (i.e., to keep cash flowing while awaiting customer payment).

What loan terms can you live with?
Your repayment amount and intervals will depend on the terms of your loan. To figure out what your business can afford, you may find it helpful to use a loan calculator. (Please note: the longer the loan term, the more interest you will pay over the life of the loan.)

Pay attention to fees.
Certain loan products may require fees; for example, to originate the loan, to service the account or for early termination. It's important to pay attention to these added costs when researching which loan product is right for you.

 
Loan Calculators
 

Step 2: Learn about our lending criteria

When determining whether you're a right fit for doing business banking with us, Heritage Bank always employs the five "Cs":

Character
Review your business and credit history to determine how you handle debt.

Credit
Use credit reporting/scoring agencies to review your payment history.

Cash Flow
Use several methods to calculate your cash flow, which we consider to be the primary source for your loan repayment.

Capacity
Analyze whether your business has the capacity to repay the loan in the event of a downturn. We'll look at your ability to convert assets to cash or borrow against those assets.

Collateral
Provide the option of both secured and unsecured loans. Generally, the less you provide for collateral, the higher your interest rate will be.

Step 4: Contact a lending expert

Want to know more?

Learn more about types of business loans.