The Milford National helps you meet specific business objectives with a broad range of loan products featuring flexible terms and competitive rates. And because we're a community-oriented bank, expect the high level of personal attention, sound financial advice and quick decisions you deserve. Please contact us if you would like more information about our full range of commercial banking services.
Our Term Loans offer the perfect solution for any business purpose such as equipment purchases, working capital and acquisition financing. Terms are very flexible.
- Term length from one to seven years
- Secured or unsecured
Short-term financing needs? A Time Loan from The Milford National provides the answer for bridge financing, invoice financing and other immediate needs.
- Term length up to one year
- Secured or unsecured
If your capital becomes tied up in areas such as accounts receivable and inventory on a seasonal basis, this flexible line of credit provides the liquidity you need when money is tight.
- Minimum 30 consecutive day pay-down to a zero balance
- Reviewed annually
You can get the cash you need for non-seasonal major outlays such as inventory purchases through our Revolving Line of Credit. Reviewed annually, it features low minimum monthly payments, and provides up to two years to repay. Because it's a line of credit, you have the flexibility to repay monthly amounts that reflect your cash flow.
When you need to assure a new supplier or a creditor such as a landlord or utility company of payment, our Standby Letters of Credit are an excellent option. With this account in back of you, funds are there; ready to use when you need them.
- Borrowed funds are repaid in much the same way as a term loan
- Provides you with a convenient way to establish or preserve relationships
Whether you're starting up, expanding or converting equity to cash, The Milford National is the place to turn for financing or refinancing commercial property. We'll provide individual service and a quick decision.
Loans, which are used for the renovation or construction of commercial and residential properties, based on the projected appraised value of the building upon completion. Loan deposits are deposited into the customer's checking account in stages, as construction progresses and typically are predicted on a physical inspection of the site by the Bank. Upon completion of the project, the construction loan is often converted to either a residential or commercial mortgage.
When you're selling existing property to buy new property, your property doesn't always sell first. That's where our Bridge Loans come in. They enable you to borrow funds to make down payments on a real estate purchase while still in the process of selling. A Bridge Loan from The Milford National means no waiting, or missed opportunities.
You don't have to be big to get financing. Guaranteed loans available to small businesses through the U. S. Small Business Administration could be the answer if you don't qualify for conventional bank financing.
Designed with businesses in mind, our Business Cash Reserve product protects against overdrafts and can help assure that you have working capital available for emergencies.
- Provides a line of credit up to $10,000 that automatically covers any checking overdrafts
- Variable interest rate
- Low minimum payments and finance charges - only apply when the line is used
