FAQs Business
Find answers to frequently asked questions about MHV business checking, savings, accounts, services, and managing your business finances.
Your Questions, Answered
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Business Savings
Yes. Business Money Market accounts pay tiered dividends with continued access, and Business Certificates lock in a rate for a set term. Your business banking expert can help you split reserves across them.
Check our current rates.
Yes. Deposits at MHV are federally insured by the National Credit Union Administration (NCUA), a U.S. government agency, up to $250,000 per account ownership category.
Photo ID for each owner, your EIN letter, your business formation documents, and a resolution naming the authorized signer. The exact list depends on whether you're a sole proprietor, partnership, LLC, corporation, or nonprofit.
Business savings is the membership account. A $5 deposit makes your business a member-owner of MHV, and every other business account and loan builds on it.
Business Checking
Yes. A business savings account establishes your membership in the credit union, and it can also serve as overdraft protection for your checking. You can open both in the same sitting.
Yes: customers can send payments to your business by email or phone number, with no card reader required.
Yes. A business banker can move you between accounts as your balances and needs change.
Dividends are variable and can change. See the current business rate table for today's rates and balance tiers.
Yes, in digital banking you can set up multiple users and specify their account-level access.
Yes. The NCUA federally insures deposits up to $250,000 per account ownership category.
Photo ID for each owner, your EIN letter, your business formation documents, beneficial ownership certification for entities, and a resolution naming who can transact. The list varies by business type; see the checklist.
Business Free Checking has no minimum balance. Business Ultra Checking requires a balance of $5,000 or more to earn dividends and avoid the monthly service fee. If your Ultra balance falls below that, the account stays open, and you pay the monthly fee for that period.
Business Free Checking has no monthly service fee. Business Ultra Checking has a monthly service fee that is waived when you keep $5,000 or more in the account. Other fees, such as wires and overdrafts, apply to both accounts and are listed in the Business Fee Schedule.
Business Free Checking has no monthly service fee and no minimum balance. Business Ultra Checking earns dividends and waives its monthly service fee when your balance stays at $5,000 or more. Both accounts come with the same debit card, digital banking, and payment tools. Choose Free if your balance moves a lot. Choose Ultra if you keep an operating cushion and want it working for you.
Business Loans
Yes — visit our Business Lending page to explore term loans, lines of credit, commercial real estate loans, and the VISA® Platinum Business Credit Card.
You’ll need a Business Loan Application, in most cases a Personal Financial Statement, and various financial documents such as tax returns. For more information, request a call or appointment with a Business Lending Expert.
We offer a 24-hour Express Business Loan Approval on loans and lines of credit up to $25,000. All lending decisions are handled right here in the Mid-Hudson Valley.
You can download the business resolution form here and the personal financial statement here
Business Term Loans
A term loan gives you a lump sum up front with a fixed payment schedule; it's built for one-time needs. A line of credit lets you borrow, repay, and borrow again up to a limit; it's built for recurring or unpredictable needs like seasonal inventory or timing gaps between invoices and payments.
The term generally matches the useful life of what you're financing, and your lender will walk you through the options.
Business Line of Credit
No. You pay interest only on what you've drawn. An unused line costs you nothing.
They do different jobs. A Business Visa Platinum is convenient for everyday purchases and employee spending, with a grace period if you pay in full. A line of credit typically offers a higher limit and a lower rate for carrying a balance across weeks or months, and you can move funds directly to your checking account for payroll or vendor payments. Many businesses use both.
Once a year, we review your line to keep it aligned with your business. You'll be asked for current business income statements and, typically, a recent balance sheet and business tax return. We look at how the business is performing, not just how you've used the line. If your revenue has grown, you can increase your limit at the annual review. Your lender will tell you what's needed and when.
Yes. You can link your business line of credit to your MHV business checking account. If a payment would overdraw the account, funds automatically transfer from your line of credit to cover it, so a payroll run or vendor check doesn't bounce due to a timing gap. You pay interest only on the amount advanced.
Business Platinum Card
No
Commercial Real Estate
Our commercial lenders will guide you through the process, from an initial discussion about your goals, property, budget, and plan to how we would structure a loan. If you would like to move forward, we will put together a term sheet before you head to a full application and underwriting. Once approved, we'll send you a commitment letter to ensure a smooth closing.
Owner-occupied and investment commercial property, including retail, office, industrial, warehouse, mixed-use, and multi-family of five or more units, plus construction and renovation financing, throughout the Hudson Valley.
Commercial lenders finance a percentage of the appraised value and expect the borrower to bring the rest as equity; the exact percentage depends on the property type and how it's used.
Longer than a business term loan, mainly because of the appraisal and any environmental review. Tell us your contract dates up front, and we'll build the calendar around them.
Both. Talk to your lender for more details.
Yes. MHV's commercial lending team underwrites and decides in the Hudson Valley.
What you need to bring depends on the type of loan you're requesting. Our commercial lending experts will walk you through this process. Though, you may need to bring with you:
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Purchase contract or, for a refinance, current loan statements and payoff
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Current rent roll and leases for income property
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Two to three years of property operating statements (income and expenses)
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Two to three years of business and personal tax returns for the borrowing entity and each guarantor
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Personal financial statement for each guarantor
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Entity documents: formation, operating agreement or bylaws, certificate of good standing
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Schedule of real estate owned, with debt and income on each
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For construction: plans, budget, contractor agreement, permits and approvals
Yes. SBA loan decisioning process is longer than MHV's internal business lending process. Equipment loan terms are up to 7 years, and Real Estate terms are up to 10 years. Talk to your lender for more details.
Commercial Real Estate (Multi-family)
Multifamily properties usually have 1-4 units. Tell us what you're looking to do, and a commercial lender will walk you through your options.
Lenders want the property's net income to cover the loan payment with a cushion- a ratio comfortably above 1.25x is generally sought. We'll run your rent roll against the proposed loan before you spend on an appraisal.
Many of our members grow one building at a time this way.
Talk to your lender about your property.
Construction to Residential
One. A single closing covers the land and the construction, with one appraisal for as-is and as-completed value. When the home sells, the construction loan is paid off at that closing, and the buyer's mortgage is a separate loan we're ready to write.
You submit a draw request as work is completed; an inspector confirms progress; funds are released to pay your contractor and suppliers. We build the schedule with you before closing so there are no surprises mid-project.
Interest only, on the amount drawn to date, not on the full commitment. The construction loan is paid off when the home sells.
Yes. Building to sell is the center of this program. When the home sells, we release the lot and the construction loan is paid off at closing.
Your buyer can finance with MHV and take a closing incentive on their residential mortgage, and MHV holds that mortgage locally. Because we underwrote the land, the plans, and the builder, their pre-approval and appraisal move faster than a cold file. If you have a first-time homebuyer, they may be able to take advantage of additional savings through MHV.
A signed contract with a detailed budget and schedule, proof of license and insurance, and references or a track record we can review.