Lines of credit from $10,000 to $500,000. Term loans up to $3 million. SBA 7(a) and 504 lending. Equipment financing to 84 months. Commercial real estate with competitive fixed rates. Veteran-owned business programs with reduced fees and dedicated support.
Eglin Federal Credit Union's commercial lending division serves small and mid-sized businesses across Okaloosa, Walton, and Santa Rosa counties. The portfolio includes defense contractors, medical practices, restaurants, retail operations, professional services firms, and veteran-owned startups. As a member-owned cooperative, the credit union prices business loans below market averages — origination fees, closing costs, and interest rates all benefit from the not-for-profit structure. The commercial team includes two Certified SBA Lenders and a dedicated veteran business liaison.
A revolving credit line from $10,000 to $500,000 provides on-demand working capital without reapplying for each draw. Interest accrues only on the outstanding balance — not the full credit limit. Draw funds via online banking transfer, check, or branch request. Repayment is flexible: interest-only payments during the draw period with annual principal review, or fully amortizing payments on drawn balances.
Lines under $50,000 may qualify unsecured for established businesses with strong credit profiles (680+ FICO, two or more years of profitability, and a debt-service coverage ratio above 1.25x). Lines above $50,000 typically require collateral — business assets, equipment, accounts receivable, or a personal guarantee from owners with 20% or greater equity. Annual renewal reviews assess utilization, financial performance, and collateral adequacy without requiring a new application.
Eglin Federal Credit Union finances owner-occupied and investor commercial real estate with loan amounts from $100,000 to $3,000,000. Fixed-rate terms of 5, 7, 10, and 15 years are available, with amortization schedules up to 25 years. Loan-to-value ratios up to 80% for owner-occupied properties and 75% for investment properties. Commercial appraisal and Phase I environmental assessment are required.
Property types financed include office buildings, retail storefronts, warehouses, mixed-use properties, and medical offices. For defense contractors leasing space near Eglin AFB who want to purchase their building, Eglin FCU's commercial team structures owner-occupied loans that reduce the total cost of occupancy compared to long-term leases. The credit union does not charge prepayment penalties on commercial real estate loans with terms under 10 years.
Finance vehicles, machinery, technology, medical equipment, restaurant fixtures, and construction equipment with terms up to 84 months. Loan amounts match the equipment's value — from a $15,000 commercial vehicle to a $500,000 specialized manufacturing system. The equipment itself serves as collateral, so no additional assets are pledged. Down payments start at 10% for new equipment and 15% for used equipment.
Equipment loans fund within 3 to 5 business days for straightforward transactions. Vendor direct-pay is available: Eglin FCU sends funds directly to the equipment dealer or manufacturer at closing. For businesses replacing aging fleets or expanding capacity, the credit union offers multi-unit equipment lines that pre-approve a total financing amount for staged purchases over 12 months.
Fixed-rate term loans from $10,000 to $3,000,000 for expansion, acquisition, renovation, debt consolidation, or working capital. Terms range from 12 to 120 months depending on purpose and collateral. Monthly principal and interest payments are fixed for the life of the loan — no rate adjustments, no balloon payments, no surprises. Personal guarantees are required from all owners holding 20% or more equity.
Eglin Federal Credit Union is an approved SBA lender originating both 7(a) and 504 loans. The SBA 7(a) program provides government-guaranteed financing from $10,000 to $3,000,000, with terms up to 10 years for working capital and equipment and up to 25 years for real estate. The SBA guarantee — 85% on loans under $150,000, 75% on larger amounts — enables the credit union to approve borrowers who might not qualify for conventional commercial financing, including startups and businesses with limited collateral.
SBA 504 loans combine a first mortgage from Eglin FCU (50% of project cost), a second mortgage from a Certified Development Company (40%), and a 10% borrower equity injection. This structure finances owner-occupied commercial real estate and major equipment with as little as 10% down. The CDC portion carries a below-market fixed rate for 20 or 25 years. For a $1,000,000 property, a 504 loan reduces the borrower's required equity from $200,000 (conventional) to $100,000.
Veteran entrepreneurs receive tangible financial benefits at Eglin Federal Credit Union. Origination fees are reduced by 50% on all business loan products. First-year annual fees on business lines of credit are waived. Service-disabled veteran-owned small businesses (SDVOSB) receive an additional 0.25% rate reduction on term loans and commercial real estate. Each veteran borrower is assigned a dedicated commercial lending officer who understands government contracting, set-aside programs, and the unique cash flow patterns of defense-adjacent businesses.
The veteran business mentorship network connects new entrepreneurs with established veteran business owners in the Northwest Florida region. Quarterly advisory sessions cover financial management, government contract bidding, bonding requirements, and growth strategy. The mentorship program has supported over 120 veteran-owned businesses since its launch in 2018.
| Product | Amount | Term | Rate From | Collateral |
|---|---|---|---|---|
| Business Line of Credit | $10K — $500K | Revolving (annual review) | Prime + 0.50% | Unsecured up to $50K; secured above |
| Commercial Real Estate | $100K — $3M | 5 — 15 yr fixed (25 yr amort) | 5.75% | Subject property (80% LTV owner-occ) |
| Equipment Financing | $15K — $500K | 12 — 84 months | 5.49% | Equipment financed |
| Business Term Loan | $10K — $3M | 12 — 120 months | 5.99% | Business/personal assets; personal guarantee |
| SBA 7(a) | $10K — $3M | Up to 10 yr (25 yr for RE) | Prime + 2.75% | All available; SBA guarantee 75-85% |
| SBA 504 | $100K — $3M | 20 — 25 yr (CDC portion) | Below market (CDC) | Subject property; 10% borrower equity |
Rates effective April 2026. All loans subject to credit approval. Veteran-owned businesses receive reduced origination fees and additional rate discounts.
For SBA loan program details, eligibility, and guarantee fee schedules, visit the U.S. Small Business Administration.
Veteran-owned businesses receive 50% reduced origination fees, waived first-year line-of-credit fees, a dedicated commercial lending officer, and access to the veteran business mentorship network. SDVOSB-certified businesses get an additional 0.25% rate reduction on term loans and commercial real estate. Verify eligibility with DD-214 or VA disability rating letter.
Yes. Startups typically need a business plan, personal financial statements from owners with 20%+ equity, personal guarantees, and collateral. SBA 7(a) loans are often the best fit because the SBA guarantee reduces lender risk for businesses without operating history. Free pre-application consultations are available through the commercial team.
The SBA's primary lending program. The government guarantees 85% of loans under $150,000 and 75% above. At Eglin FCU, 7(a) loans range from $10,000 to $3,000,000 with terms up to 10 years (25 for real estate). The guarantee fee (2%-3.75%) is typically financed into the loan. This program enables approval for borrowers who might not meet conventional standards.
Standard term loans and lines: 5-10 business days. Commercial real estate: 15-30 days (appraisal and environmental review required). SBA loans add 10-15 days for SBA authorization. Equipment financing: as few as 3 days. Incomplete documentation is the most common cause of delays. Call (850) 862-0111 for a pre-application review.
Depends on type and amount. Unsecured lines up to $50,000 are available for qualified borrowers. Term loans above $50,000 generally require business assets, equipment, real estate, or personal guarantees. Commercial real estate loans are secured by the property. SBA loans require all available collateral but will not decline solely for insufficient collateral if other factors are strong.
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Full overview of Eglin Federal Credit Union products, rates, and membership eligibility.
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