Boulder, CO (March 20, 2025) |
For Elevations members, home equity can now secure funding for businesses. Similar to a typical home equity line of credit (HELOC), the Elevations Business HELOC allows members to use their personal home equity to borrow from a revolving line of credit. However, the funds are in the business’s name.
The Elevations Business HELOC can be especially useful to small businesses without large assets. However, it’s available to businesses of any size.
“We want to help all types of businesses thrive — those that are well-established as well as newer organizations,” said Todd Peyok, SVP of Business Banking and Commercial Lending at Elevations. “Our business members’ success is our success, and we hope these lending products help them meet and surpass their goals.”
The Elevations Business HELOC offers:
Long-term liquidity: 10-year draw period followed by a 10-year repayment period
Low-cost origination: $250 credit toward closing costs
Affordable payments:
- Interest-only payments during the draw period
- Interest may be tax-deductible for your business (this should be discussed with a tax advisor)
Fast processing: Local, in-house underwriting and processing for fast turnaround times
Elevations members have received more than $2.4 million in new credit through the business HELOC since it launched.
Elevations also started offering business equipment loans in January 2025. Available for used and new equipment, the loans can finance a wide variety of equipment, including construction, manufacturing, office technology and more.
The credit union’s equipment loans are also designed to help local businesses succeed while providing consultative, relationship-focused advising.
For more information, visit ElevationsCU.com/business-banking.