Frequently Asked Questions

How can I become a business member?

You can become a business member in 4 easy steps. Simply visit our Business Membership page, tap the Get Started button and follow the instructions.

Are there any deposit requirements for membership?

A deposit of $250 for sole proprietorships and $255 for all separate legal entities, such as limited liability companies and corporations, is required at the time of opening.

What documents do I need to submit with my application?

Business Solutions requires certain business-governance documents (the operational rules) for your business. The documents required—and what goes in them—will vary based on the structure of your business and any applicable state and local requirements. Consulting with business counselors, attorneys and accountants can prove helpful.

The documents required vary by business type:

• Sole Proprietorship
  
  • Federal Tax ID Number (TIN) Letter
  • Valid Business License/Business Permit or Fictitious Name Certificate or Certificate of Assumed Name
• General Partnership
  • Federal Tax ID Number (TIN) Letter
  • Beneficial Owner Form (representatives will assist with the completion of this form)
  • Valid Business License/Business Permit or Fictitious Name Certificate or Certificate of Assumed Name
• Limited Partnership (Applies to Limited Partnership (LP), Limited Liability Partnership (LLP) and Professional Limited Liability Partnership (PLLP))
  • Good Standing Certificate (filed stamped within 60 days before date of application)
  • Federal Tax ID Number (TIN) Letter
  • Beneficial Owner Form (representatives will assist with the completion of this form)
  • Fictitious Name Certificate or Certificate of Assumed Name (if applicable)
• Corporation (Applies to S Corps and C Corps)
  • Good Standing Certificate (filed stamped within 60 days before date of application)
  • Federal Tax ID Number (TIN) Letter
  • Beneficial Owner Form (representatives will assist with the completion of this form)
  • Fictitious Name Certificate or Certificate of Assumed Name (if applicable)
• Limited Liability Company
  • Good Standing Certificate (filed stamped within 60 days before date of application)
  • Federal Tax ID Number (TIN) Letter
  • Beneficial Owner Form (representatives will assist with the completion of this form)
  • Fictitious Name Certificate or Certificate of Assumed Name (if applicable)

What is a beneficial owner?

A beneficial owner is any individual who directly or indirectly owns 25% or more of a business entity, and one individual with significant responsibility for controlling or managing the entity.

Why is beneficial owner information collected?

This information is collected to help the government fight financial crime. Federal regulation requires certain financial institutions to obtain, verify and record information about the beneficial owners of legal entity customers.

How does Navy Federal collect this information?

Legal entity businesses complete and sign the Certification Regarding Beneficial Owners of Legal Entity Customers (NFCU 98) form as part of the application submission package.

When is a beneficial owner form required for application with Navy Federal Business Solutions?

Beneficial owner information must be collected whenever a business entity requests to open a new membership, deposit or credit account and when there is a change in ownership. To confirm the status of previously submitted beneficial owner information, call 1-877-418-1462, 9 am to 7 pm ET, Monday through Friday to speak with a business representative.

What types of business entities are required to provide beneficial owner information?

Legal entities must provide beneficial owner information when opening or applying for a new business account. Legal entities include corporations, limited liability companies, limited partnerships, general partnerships, business trusts or any other entity created by a filing with a state office.

Are sole proprietors required to submit beneficial owner information?

No, sole proprietors aren't legal entities and therefore not required to submit beneficial owner information.

What is a fictitious name certificate or certificate of assumed name, and where can I obtain a copy of mine?

States and localities may require the filing of a certificate to register a “doing business as” (DBA) name—also known as a trade name, fictitious name or assumed name.

The secretary of state, county clerk or city hall where your DBA name was registered is often a good starting point for obtaining copies of your documents.

What is a Good Standing Certificate, and where can I obtain a copy of mine?

A Certificate of Good Standing, also known as a Certificate of Existence or Certificate of Authorization, is a state-issued document that shows that the entity is appropriately registered with the state and is in good standing.

The secretary of state of the state in which your business was formed is most often where copies of your Good Standing Certificate can be obtained.

What is a NAICS code, and how do we find it?

The North American Industry Classification System (NAICS) is the standard used by federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing and publishing statistical data related to the U.S. business economy. NAICS groups industries into 20 broad sectors that are identified by a 6-digit code.

NAICS codes can be found online (Census).

What is an EIN (Employer Identification Number), and where do I obtain a copy of my mine?

An Employer Identification Number (EIN) is also known as a federal tax identification number and is used to identify a business entity. Go to www.irs.gov and search “Misplace Your EIN” or call 1-800-829-4933.

Are there membership or length of time in business requirements to be eligible for a GO BIZ® Rewards card in addition to establishing a business membership? 

An owner must be a Navy Federal individual member for a minimum of 1 year OR have been in business for a minimum of 24 months.

What other information is considered when reviewing a GO BIZ® Rewards credit card application?

Income and credit history will be reviewed, and additional supporting documents may be requested. All Navy Federal accounts must be maintained in good standing.

What determines my interest rate?

Your GO BIZ® Rewards card’s interest rate is risk-based and determined by the factors listed below. Our evaluation may include a review of information about the business, individual owner(s) and/or guarantor(s) or a combination of several of the above.^{Footnote 1}

• Credit scores
• Income
• Debt
• Other credit report factors

What are the minimum and maximum limits for a Navy Federal GO BIZ® Rewards card?

The minimum credit limit is $5,000; the maximum is $25,000. Credit limits are determined during the underwriting (verification and approval) process.

Is there an annual fee for a GO BIZ® Rewards card?

No, there's no annual fee for any of our business credit cards.^{Footnote 2}

Can I take a cash advance on my GO BIZ® Rewards card?

Yes, you can take a cash advance of up to 30% of your available credit.

Is there a fee for cash advances?

No, there's no fee for cash advances, but interest starts accruing immediately.^{Footnote 3} The cash advance APR is 2% higher than the standard APR.

Can I get credit cards for my employees?

Yes, you can get credit cards for your employees.

How do I get convenience checks?

To get convenience checks, call 1-888-842-6328.

Will my personal credit be checked when I apply for a GO BIZ® Rewards card?

Yes, personal credit scores from Experian® are taken into consideration during the decision process. The underwriting process includes an evaluation of relevant credit information, potentially including the credit profiles of the business entity, individual owner(s) and/or guarantor(s).

Does Navy Federal require a personal guarantee?

Yes, personal guarantees are required on all business lending products.

How can I track the status of my business credit card application?

To check the status of your application, refer to the loan tracker displayed on the main dashboard of the Business Services Secure Portal. Completed business credit applications may take between 2 and 7 business days to get processed and appear on the portal tracker.

Does Navy Federal periodically increase credit limits on members’ existing Navy Federal GO BIZ® Rewards cards?

No, a credit limit increase must be requested by the business member.

How do I request a credit limit increase for my existing Navy Federal GO BIZ® Rewards card?

To request an increase in your credit limit, call us at 877-418-1462, Monday through Friday, 9 am to 7 pm ET.

If I apply for a credit limit increase on my GO BIZ® Rewards card, what factors will determine my new limit?

Your new credit limit will be based on your creditworthiness, but won’t exceed the maximum limit of $25,000.

Will my personal credit be checked when I apply for a credit limit increase on my GO BIZ® Rewards card?

Yes, a hard credit inquiry is required for all guarantors when you apply for a credit limit increase. Personal credit scores from Experian are taken into consideration during the decision process. The underwriting process includes an evaluation of relevant credit information, potentially including the credit profiles of the business, individual owner(s) and/or guarantor(s). All can be taken into consideration during the decision-making phase. 

Can I change my existing Navy Federal GO BIZ® Rewards card from Visa® to Mastercard® or vice versa?

No, the GO BIZ® Rewards card type cannot be changed once it has been issued. 

Can I apply online for a business vehicle loan?

Single Owner Businesses can begin the application process by signing in to the Business Services Secure Portal using your personal Navy Federal credentials. Multi-Owner Businesses should complete the application form and beneficial owner form (if required). Print them out, sign with a pen (digital signatures aren’t accepted), scan the signed document(s) and submit online.

Can I get preapproved for a business vehicle loan?

At this time, Navy Federal doesn’t offer preapprovals for any business loans or business lines of credit, which includes vehicle loans. All requests go through our business underwriting verification and approval process which, if approved, determines the credit amount, interest rate and loan term.

Is GAP insurance available for business vehicles?

At this time, GAP insurance isn’t available for business vehicle loans. For refinance requests on vehicles with an existing GAP policy, that original policy is terminated when the loan is moved to the business’ name.

What distinguishes a new vehicle from a used one? 

New Vehicle: New and late model used vehicles (2023 and newer model years) with 30,000 or fewer miles.
Used Vehicle: 2022 and older model years or any model year with over 30,000 miles. 

What determines my interest rate?

The interest rate on your business loan is risk-based and determined by your circumstances and credit history. Our evaluation may include a review of information on the business, individual owner(s) and/or guarantor(s) or a combination of several, plus the following:

• Loan-to-value ratio
• Debt-to-income ratio
• Current obligations
• Other factors related to the overall financial picture that could affect your ability to repay the loan

In general, applicants with great credit qualify for more favorable rates than those whose credit isn’t as strong. For more information on factors that may affect approval or rates, see our article on what lenders look for in a loan application.

Will my personal credit be checked when I apply for a business vehicle loan?

Yes, personal credit scores are taken into consideration during the decision process.

Can I add a guarantor to my lending request?

Yes, you can add a guarantor to your loan request, as long as they are a Navy Federal member.

How long will it take to make a decision on my business vehicle loan request?

Once all the required information has been submitted, it can take up to 5 business days to review and approve or decline most lending requests.

How can I track the status of my business vehicle loan application?

To check the status of your application, refer to the loan tracker displayed on the main dashboard of the secure portal. Complete business credit applications may take up to 2 to 7 business days to move through the process and appear on the portal tracker.

What is a Purchase/Buyer's Order for a business vehicle loan?

A Purchase/Buyer’s Order is a contract containing terms upon which the buyer and seller have agreed. It contains the price of the vehicle, information about the buyer and the dealership selling the vehicle and other related information. This document must be signed by both the buyer and seller.

Is auto insurance required if my business is approved for a business vehicle loan?

Yes, proof of vehicle insurance will be required prior to closing on the loan. The proof of insurance must meet the following criteria:

• The vehicle must be insured in the business name 
• The policy must cover at least the loan amount
• The maximum deductible amount allowed is $1,000
• Navy Federal Credit Union must be listed as Lender's Loss Payee
• The address that must be used for Navy Federal Credit Union is: 5550 Heritage Oaks Drive, Pensacola, FL 32526

Does Navy Federal provide business vehicle insurance?

Navy Federal partners with Newtek® to provide insurance solutions to our business members. For more information on what Newtek offers our members, visit our Partner Tools page. 

Does my business have to be located within the 50 states or the District of Columbia to apply for business financing?

Yes, all business lending options are available only to businesses located within the 50 states and the District of Columbia. Businesses located in Puerto Rico, Guam and other U.S. territories can only apply for a Navy Federal GO BIZ® Rewards card, or a Checking Line of Credit (CLOC).

Can I apply online for a commercial vehicle loan?

Yes, compete the application form and beneficial owner form (if required). Print them out and sign with a pen (digital signatures aren’t accepted). Then, scan the signed document(s) and submit online.

Can I get preapproved for a commercial vehicle loan?

At this time, Navy Federal doesn't offer preapprovals for any business loans or business lines of credit, which includes commercial vehicle loans. All requests go through our business underwriting verification and approval process which, if approved, determines the credit amount, interest rate and loan term.

Is GAP insurance available for commercial vehicle loans?

At this time, GAP insurance isn’t available for commercial vehicle loans. 

What determines my interest rate?

The interest rate on your commercial vehicle loan is risk-based and determined by your circumstances and credit history. Our evaluation may include a review of information on the business, individual owner(s) and/or guarantor(s) or a combination of several, as well as the following:

• Loan-to-value ratio
• Debt-to-income ratio
• Current obligations
• Other factors related to the overall financial picture that could affect your ability to repay the loan

In general, applicants with great credit qualify for more favorable rates than those whose credit isn't as strong. For more information on factors that may affect approval or rates, see our article on what lenders look for in a loan application. 

Will my personal credit be checked when I apply for a commercial vehicle loan?

Yes, personal credit scores are taken into consideration during the decision process.

Can I add a guarantor to my lending request?

Yes, you can add a guarantor to your loan request, as long as they are a Navy Federal member.

How long will it take to make a decision on my commercial vehicle loan request?

Once all the required information has been submitted, it can take up to 5 business days to review and approve or decline most lending requests.

How can I track the status of my commercial vehicle loan application?

To check the status of your application, refer to the loan tracker displayed on the main dashboard of the Business Services Secure Portal. Complete business credit applications may take up to 2 to 7 business days to move through the process and appear on the portal tracker.

What is a Purchase/Buyer's Order for a commercial vehicle loan?

A Purchase/Buyer’s Order is a contract containing terms upon which the buyer and seller have agreed. It contains the price of the vehicle, information about the buyer and the dealership selling the vehicle and other related information. This document must be signed by both the buyer and seller.

What is a Bill of Sale or Sales Contract for a commercial vehicle loan?

A Bill of Sale or Sales Contract is a document that verifies the vehicle is being sold and provides information about the vehicle and the terms of the sale. It must include the date of the sale, vehicle year, make and model, VIN and current mileage. This must be signed by both the buyer and seller.

Is auto insurance required if my business is approved for a commercial vehicle loan?

Yes, proof of vehicle insurance will be required prior to closing on the loan. The proof of insurance must meet the following criteria:

• The vehicle must be insured in the business name 
• The policy must cover at least the loan amount
• The maximum deductible amount allowed is $1,000
• Navy Federal Credit Union must be listed as Lender's Loss Payee
• The address that must be used for Navy Federal Credit Union is: 5550 Heritage Oaks Drive, Pensacola, FL 32526

Does Navy Federal provide commercial vehicle insurance?

Navy Federal partners with Newtek® to provide insurance solutions to our business members. For more information on what Newtek offers our members, visit our Partner Tools page. 

Does my business have to be located within the 50 states or the District of Columbia to apply for business financing?

Yes, all business lending options are available only to businesses located within the 50 states and the District of Columbia. Businesses located in Puerto Rico, Guam and other U.S. territories can only apply for a Navy Federal GO BIZ® Rewards card, or a Checking Line of Credit (CLOC)

Can I apply online for a Checking Line of Credit?

Single-Owner Businesses can begin the application process by signing in to the Business Services Secure Portal using your Navy Federal personal credentials.

Multi-Owner Businesses should compete the application form and beneficial owner form (if required). Print them out and sign with a pen (digital signatures aren’t accepted). Then scan the signed document(s) and submit online.

Can I get preapproved for a Checking Line of Credit (CLOC)?

At this time, Navy Federal doesn't offer preapprovals for any business loans or business lines of credit. All requests go through our business underwriting verification and approval process, which, if approved, determines the credit amount, interest rate and loan term.

Must my business be a Navy Federal business member to apply for business financing?

Yes, a business must be a business member prior to applying for a loan. For the business to be eligible, all business owners must be current Navy Federal members in good standing.

What determines my interest rate?

The interest rate on your business loan is risk-based and determined by your circumstances and credit history. Our evaluation may include a review of information on the business, individual owner(s) and/or guarantor(s) or a combination of several, as well as the following:

• Loan-to-value ratio
• Debt-to-income ratio
• Current obligations
• Other factors related to the overall financial picture that could affect your ability to repay the loan

In general, applicants with great credit qualify for more favorable rates than those whose credit isn't as strong. For more information on factors that may affect approval or rates, see our article on what lenders look for in a loan application. 

What determines the limit on a business Checking Line of Credit (CLOC)?

The limit on your business Checking Line of Credit is based on creditworthiness and can't exceed $5,000.

How do I access my Checking Line of Credit (CLOC)?

Our CLOC is designed to be overdraft protection. A draw on the CLOC is triggered when the balance on the business checking account isn't sufficient to cover a transaction. The draw amount will depend on your available credit limit at that time.

If I have multiple business checking accounts, can I apply for a Checking Line of Credit (CLOC) for each account?

No, each business member is limited to one CLOC per business membership. 

Will my personal credit be checked when I apply for a business loan?

Yes, personal credit scores are taken into consideration during the decision process.

Can I add a guarantor to my lending request?

Yes, you can add a guarantor to your loan request, as long as they are a Navy Federal member.

How long will it take to make a decision on my loan request?

Once all the required information has been submitted, it can take up to 5 business days to review and approve or decline most lending requests.

How can I track the status of my business loan application?

To check the status of your application, refer to the loan tracker displayed on the main dashboard of the secure portal. Complete business credit applications may take up to 2 to 7 business days to move through the process and appear on the portal tracker.

Can I apply online for a business loan?

For requests of up to $50,000, you may submit your loan application through our online Secure Document Upload.

Requests greater than $50,000 must be discussed with a lending representative who will explain the requirements and application process.

Can I get preapproved for a loan?

At this time, Navy Federal doesn't offer preapprovals for any business loans or business lines of credit. All requests go through our business underwriting verification and approval process, which, if approved, determines the credit amount, interest rate and loan term.

What is considered a new or start-up business?

We define a start-up business as one that has been in business for less than 2 years.

Does Navy Federal work with the Small Business Administration (SBA)?

Yes, SBA guarantees may be an option for working capital, business expansion, franchise expansion and select start-up situations. They can be great for conserving business liquidity by allowing higher loan-to-value (LTV) for large equipment or similar purchases.

Must my business be a Navy Federal business member to apply for business financing?

Yes, a business must be a business member prior to applying for a loan. For the business to be eligible, all business owners must be current Navy Federal members in good standing.

What determines my interest rate?

The interest rate on your business loan is risk-based and determined by your circumstances and credit history. Our evaluation may include a review of information on the business, individual owner(s) and/or guarantor(s) or a combination of several, as well as the following:

• Loan-to-value ratio
• Debt-to-income ratio
• Current obligations
• Other factors related to the overall financial picture that could affect your ability to repay the loan

In general, applicants with great credit qualify for more favorable rates than those whose credit isn't as strong. For more information on factors that may affect approval or rates, see our article on what lenders look for in a loan application. 

Will my personal credit be checked when I apply for a business loan?

Yes, personal credit scores are taken into consideration during the decision process.

Does Navy Federal offer term loans that are secured by cash or certificates of deposit?

Yes, loans secured by certificates of deposit have a fixed margin of 3% over the current certificate rate. The certificate of deposit must be under the business membership. Cash-secured loans have an interest rate determined by our underwriting process.

Can I add a guarantor to my lending request?

Yes, you can add a guarantor to your loan request, as long as they are a Navy Federal member.

How long will it take to make a decision on my loan request?

Once all the required information has been submitted, it can take up to 5 business days to review and approve or decline most lending requests.

How can I track the status of my business loan application?

To check the status of your application, refer to the loan tracker displayed on the main dashboard of the Business Services Secure Portal. Complete business credit applications may take up to 2 to 7 business days to move through the process and appear on the portal tracker.

What is an aging report?

An aging report is a list of debts owed to a company by its customers (A/R) or a list of debts owed from a company to its vendors (A/P), and how long it's been since the unpaid invoice was generated. Aging reports can provide insight into a company’s cash flow situation.

What is a rent roll?

A rent roll is a list of a property’s current tenants and how much they pay in rent. It can include additional information such as expenses paid by tenants, utilities and lease lengths.

At any time during the year, must the balance of the business line of credit be at zero?

There may be an annual clean-up period that requires the loan’s outstanding principal to be $0 for a period of no less than 30 days. Your business lending officer can provide additional details.

What is a Purchase/Buyer's Order for an equipment loan?

A Purchase/Buyer’s Order is a contract containing terms upon which the buyer and seller have agreed. It includes the price of the equipment, information about the buyer and the seller and other related information. The document must be signed by both the buyer and seller.

Is insurance required if my secured term loan is approved?

For approved term loans secured by collateral other than a vehicle, insurance will be required for loans exceeding $35,000. The type of insurance will vary, and instructions on insurance requirements will be provided during the closing process.

Does Navy Federal provide commercial insurance?

Navy Federal partners with Newtek® to provide insurance solutions to our business members. For more information on what Newtek offers our members, visit our Partner Tools page. 

What is a UCC filing, and when is it required?

A Uniform Commercial Code (UCC) lien filing, or UCC filing, is a lien lenders file to stake a claim on a borrower’s assets in the event of default.

What is collateral, and why is it required for business loans and lines of credit?

Collateral is usually an asset or assets that could be sold to pay on the loan if you default. Many lenders may require collateral to secure a business loan or line of credit because it reduces a lender's risk and can motivate borrowers to repay their loans. Some examples are:

• inventory
• cash
• certain investments
• receivables
• real estate
• capital equipment (e.g., machinery)

Navy Federal requires collateral for most business loans or lines of credit. Collateral isn't required for a Navy Federal GO BIZ® Rewards card or a Checking Line of Credit (CLOC).

Does my business have to be located within the 50 states or the District of Columbia to apply for business financing?

Yes, all business lending options are available only to businesses located within the 50 states and the District of Columbia. Businesses located in Puerto Rico, Guam and other U.S. territories can only apply for a Navy Federal GO BIZ® Rewards card, or a Checking Line of Credit (CLOC)