Unlock Your Business Potential with Peoples Bank Commercial Loans

Home Blog Unlock Your Business Potential with Peoples Bank Commercial Loans

Posted On: October 28, 2024 by Peoples Bank of Kankakee County in: business

Whether you're dreaming of purchasing a new location for your charming flower shop, need to replace outdated equipment, or plan to expand your successful accounting firm, Peoples Bank is here to make your financial aspirations a reality!

Our hassle-free business loan services are designed to support your business’s growth and success.

Let’s dive into how you can secure the perfect loan with us and make the most of your funding options.

When Should You Start the Loan Process?

The best time to start your loan application is as soon as you identify a need for additional funds. Our expert lending team at Peoples Bank recommends beginning the process early. This gives us ample time to understand your request and gather the necessary information to ensure a smooth approval process.

What Types of Business Loans Does Peoples Bank Offer?

At Peoples Bank, we offer a variety of business loan options to fit your unique needs, including:

Short-term and long-term loans for operational expenses or capital investments
Refinancing for existing debt
Commercial real estate loans to purchase or refinance property
Revolving lines of credit for flexible borrowing

Learn More (link: https://www.peoplesbankdirect.com/business/borrowing/business-loans)

What Information Will You Need to Provide?

To get started, we’ll ask you to provide some essential documents (if applicable):

Driver’s license for all guarantors
3 years of tax returns (personal and business)
Personal financial statement
Balance sheet & income statement for business
Debt schedule
Inventory listing
Accounts receivable listing
Purchase contract
Collateral details
Loan amount requested
Rent rolls and projections
Survey
Corporation/LLC documents
Any other supporting company documents

Quick Tip: We can accommodate your schedule by meeting at your business location or handling applications over the phone.

How Soon Will You Know If Your Application Is Approved?

The timeframe for approval depends on several factors, but we strive to provide status updates within a few days after receiving all necessary information. Starting the application process early ensures a quicker and smoother experience.

Who Can Benefit from a Peoples Bank Commercial Loan?

Our commercial loans are tailored to businesses of all sizes, from startups to well-established companies. We customize our approach to meet the specific needs of each client, ensuring that you get the support you need to succeed.

Can You Pay Off Your Loan Early?

Many of our commercial loans come with no prepayment penalties. The terms can vary based on your specific loan agreement and negotiations with our team.

How Does Peoples Bank Simplify the Loan Process?

Peoples Bank keeps the loan approval process straightforward and personalized. Our in-house team provides dedicated support, with regular updates on your application status. We prioritize clear communication and work closely with you to address any questions or concerns!

I Would Like a Business Lender to Contact Me (link: https://www.peoplesbankdirect.com/business/business-loan-inquiry)

Ready to Learn More?

If you’re considering a commercial loan, look no further than Peoples Bank for hassle-free service and tailored solutions!

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

We have standard overdraft practices that are available after your account has been open for 30 days and as long as you maintain your account in good standing.
We also offer an overdraft protection plan, Overdraft Protection Sweep, a link to a savings account. It may be less expensive than our standard overdraft practices. To learn more, ask us about this plan.

This notice explains our standard overdraft practices.

What are the standard overdraft practices that come with my account?

After your account has been open for 30 days and as long as you maintain your account in good standing, we do authorize and pay overdrafts for the following types of transactions:

Checks and other transactions made using your checking account number
Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

ATM transactions
Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if Peoples Bank of Kankakee County pays my overdraft?

Under our standard overdraft practices:

We will charge you a fee of up to $30 each time we pay an overdraft.
The maximum daily overdraft fee per presentment or item paid using the Overdraft Reserve Program is $150.00 per day.
No per item handling fee will be charged on de minimis overdrafts. De minimis overdraft for this policy means transactions that overdraw your account by $30 or less.
There is an overdraft fee of $5 per day that will be charged beginning the 4th consecutive business day your account is overdrawn.

Nonsufficient funds (NSF) fees - if an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money in your account and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee for returning the payment. Be aware that such an item or payment may be presented multiple times by the merchant or other payee until it is paid, and that we do not monitor or control the number of times a transaction is presented for payment. You agree that we may charge you an NSF fee each time a payment is presented if the amount of money in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented.

PAYMENT ORDER OF ITEMS - The law permits us to pay items drawn on your account in any order (for purposes of this section "items" means checks, orders and electronic transactions). To assist you in handling your account with us, we are providing you with the following information regarding how we process those items. When processing checks and orders drawn on your account our policy is to pay lower numbered checks and orders in numerical sequence, but electronic transactions are paid first in the order received. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. There is no policy that is favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. However, if the largest items are paid first, your most important items might be paid but it may increase the overdraft or NSF fees if funds are not available to pay all of the items. We think our policy attains a reasonable balance between minimizing additional costs to you and paying your more important items. We encourage you to make careful records and practice good account management. This will help you to avoid creating items without sufficient funds and incurring the resulting fees.

What if I want Peoples Bank of Kankakee County to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions after your account has been open for 30 days, you may opt in.

You have an ongoing right to change this consent at any time. If your overdraft privilege has been revoked for any reason, the opt-in or opt-out selection may not apply. Please contact your nearest office for more information.

Alternate ways to Opt In/Out or make changes:

By Phone. Our Customer Care Representatives can be reached at 815-936-7600.
By Mail. Peoples Bank of Kankakee County, 333 E. Court Street, Kankakee, IL 60901
In Person. Please visit your local office and ask a representative to help you decide which plan is best for you.