Union Savings Bank reviews
Service and Support9.0/10
- Provides various business financing options, including lines of credit.
- SBA preferred lenders.
- Veterans in commercial business and real estate lending.
- Over 150 years in business!
- Numerous branch locations.
- Limited ABL options.
- Somewhat regionally-focused.
- Invoice factoring not offered.
See the above info for Union Savings Bank Reviews. If you’re a current or prior Union customer, we’d like to get some feedback from you. What was your experience like?
Union Savings Bank Spotlight
· Headquarters: Danbury, Connecticut
· In Business Since: 1866
· Known for: Real estate loans, small business assistance, wealth management
· Primary Financing Methods: Commercial Mortgages, Revolving Lines of Credit, SBA Loans
Union Savings Bank is a relationship-driven financial institution serving both individual and small businesses throughout the Northeast (primarily in Connecticut). Union offers numerous financial services including online business banking (business checking accounts, savings accounts, bill pay, etc.) a user-friendly mobile app, remote deposit, cash management, ACH transfers and business lending solutions.
Union Savings Bank Connecticut Branch Locations (all with 24 hour ATMs):
· Bethel (2 locations)
· Brookfield (2 locations)
· Canton (1 location)
· Danbury (5 locations)
· Goshen (1 location)
· Kent (1 location)
· Litchfield (1 location)
· Marble Dale (1 location)
· Monroe (1 location)
· New Fairfield (1 location)
· New Milford( 3 locations)
· Newtown (1 location)
· Ridgefield (1 location)
· Roxbury (1 location)
· Southbury (1 location)
· Torrington (2 locations)
· Washington Depot (1 location)
Further, unionbank.com offers a number of valuable resources for both individuals and businesses. This includes small business marketing, the complexities of family-owned businesses and the concerns of seasonal operations.
Of course, Union Savings Bank offers a number of small business funding options for customers. As an SBA certified lender, USB can offer affordable, small business loans which are partially guaranteed by the government’s Small Business Administration agency.
Unfortunately, SBA loans can be tough to qualify for if you are a newer business. Small business owners are familiar with traditional banks turning them down for loans. Luckily, Union Savings Bank is a bit different, which is one of the reasons we highlight them on our site, generally restricted to invoice factoring companies and asset based lending shops like National Business Capital and Triumph Business Capital.
Interestingly, as a certified Connecticut Development Authority (CDA) program administrator, Union Savings Bank receives additional alternative lending capacity. These include startup capital for inventory and equipment, expansion and even real estate purchases.1 Such creative financing is not generally practiced by traditional banks! These options can also be structured with either fixed or variable rate options.
What Type of Business Funding Can Union Savings Bank Provide?
· Revolving lines of credit
· Term Loans
· SBA loans (7(a) and 504)
· Commercial Mortgages
· Construction Loans
· Startup Capital
· Letters of Credit
Union Savings Bank offers a few different business loans, marketed on their site as quick business loans. This is refreshing since the typical bank loan process take weeks or even months until funding.
Revolving lines of credit (i.e. revolvers) are best utilized for short-term borrowing or net working capital needs. They allow small businesses to quickly ramp inventory to meet unexpected demand or repair a key piece of equipment that goes down (not uncommon in the manufacturing or construction industries).
The minimum loan amounts are reportedly $50,000 with both closed-end and revolving credit facility options available. This minimum may be more than very small businesses need to meet their needs. A better option for them might be an online business lender such as Kabbage loans, Loan Me, Bluevine, Fundbox, or Ondeck Capital. Unfortunately, the bank doesn’t offer any invoice finance options.
Union Savings Bank Pros and Cons
In addition to the Union Bank reviews above, we reiterate these key pros and cons:
· Provides various business financing options, including lines of credit.
· SBA preferred lenders.
· Veterans in commercial business and real estate lending.
· Extensive property and casualty insurance products.
· 150+ years in business.
· Limited ABL options.
· Invoice factoring not offered.
Similar Lenders to Union Bank:
· Tab Bank
· Northwest Federal Credit Union