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, select the Let's Get Started button and follow the instructions.

Are there any deposit requirements for a business 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, Monday through Friday, 9 am to 7 pm ET 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 US 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. You can find more information on how to apply or what to do if you've lost or forgotten yours by visiting the IRS EIN information page or by calling 1-800-829-4933.

To apply for business financing, does my business have to be located in the US?

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

Does my business have to 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 for a business membership, all business owners must be current Navy Federal members in good standing.

Does Navy Federal require a personal guarantee?

Yes, we require personal guarantees for all business lending products.

Will you check my personal credit when I apply for a business credit card or loan?

Yes, we consider the individual owners' and/or guarantors’ personal credit scores from Experian®.

Can I add a guarantor to my business credit request?

Yes, you can add a guarantor to your credit request if they're a Navy Federal member.

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

Once you've submitted all the required information, it can take up to 5 business days for us to review and approve or decline most lending requests.

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

To check your application's status, check the loan tracker displayed on your main dashboard in the Business Services Secure Portal. It can take 2 to 7 business days for a completed application to be processed and show up on the portal tracker.

What determines my interest rate?^{Footnote 1}

Your interest rate is risk-based and is determined by the factors listed below. Our evaluation may include a review of information about your business, individual owner(s) and/or guarantor(s) or any combination of these.

• Credit scores
• Income
• Debt
• Other credit report factors
• Loan-to-value ratio (when applicable)
• Other factors related to the overall financial picture that could affect your ability to repay the loan
• GO BIZ Rewards rates will vary with the market based on the US Prime Rate.^{Footnote 1}

For more information on factors that may affect approval or rates, see our article on What Lenders Look For in a Loan Application.

Can I get preapproved for a loan?

No, 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 do you consider 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 offer term loans that are secured by cash or certificates?

Yes, if your loan is secured by a certificate, it will have a fixed margin of 3% over the current certificate rate. The certificate must be under the business membership.

What's an Aging Report?

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

What’s a rent roll?

A rent roll is a list of a property's current tenants and how much they pay in rent. It can also include other information like expenses paid by tenants, utilities and lease lengths.

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

A Purchase/Buyer's Order is a contract where the buyer and seller agree on terms like equipment price, buyer and seller details and other related information.

Do you require insurance for a secured term loan?

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

What's a UCC filing?

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 a default (failure to pay).

What's 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 fail to pay. Lenders may require collateral because it reduces a lender's risk and can motivate borrowers to repay their loans. For additional information on acceptable collateral requirements, you can call us at 877-418-1462, Monday through Friday, 9 am to 5 pm ET to discuss your options.
 

In addition to establishing a business membership, are there other requirements for me to be eligible for a GO BIZ® Rewards credit card?

Yes, a business owner must also have been an individual Navy Federal member for a minimum of 1 year OR been in business for a minimum of 24 months.

What other information do you consider when reviewing an application for a GO BIZ® Rewards credit card?

We evaluate your Income and credit history and may request other supporting documents. In addition, we'll verify that your Navy Federal accounts are in good standing.

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

We determine credit limits during the underwriting (verification and approval) process. The minimum credit limit is $5,000, and the maximum credit limit is $25,000. However, if you have less than a year of business membership, your credit limit may be capped at $5,000.

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

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

Can I take a cash advance on my GO BIZ® Rewards credit 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.

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

No, you must request a credit limit increase. To make a request, call us at 877-418-1462, Monday through Friday, 9 am to 5 pm ET.

If I apply for a credit limit increase on my GO BIZ® Rewards credit 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 you check my personal credit if I apply for a credit limit increase on my GO BIZ® Rewards credit card?

Yes, when you apply for a credit limit increase, we require a hard credit inquiry for all guarantors. We consider a number of factors when making a decision. We look at personal credit scores from Experian, and 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).

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

No, the GO BIZ® Rewards credit card type can't be changed once it has been issued. 

If I have multiple business accounts, can I apply for a GO BIZ® Rewards credit card for each account?

No, each business member is limited to one GO BIZ® Rewards credit card per business membership, up to 2 total.

Can I apply online for a Checking Line of Credit (CLOC)?

Yes, but the application process is different for single- and multi-owner businesses:

Single-owner businesses may begin the application process by signing in to the Business Services Secure Portal using your personal Navy Federal credentials.

Multi-owner businesses must print out and complete the application form and beneficial owner form (if required), then sign each with a pen (we don't accept digital signatures). Next, scan the signed document(s) and submit online.

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

No, 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 determines the limit on a business Checking Line of Credit (CLOC)?

The limit on your business CLOC is based on creditworthiness and will be between $500 and $5,000.

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

Our CLOC is designed as 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.

Can I apply online for a business vehicle loan?

Yes, but the application process is different for single- and multi-owner businesses:

Single-owner businesses may begin the application process by signing in to the Business Services Secure Portal using your personal Navy Federal credentials.

Multi-owner businesses must print out and complete the application form and beneficial owner form (if required), then sign each with a pen (we don't accept digital signatures). Next, scan the signed document(s) and submit online.

Can I get preapproved for a business vehicle loan?

No, 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 coverage available for business vehicles?

No, GAP coverage 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 vehicles are defined as being 2024 and newer model years with (a) under 7,500 miles, or (b) between 7,500 and 30,000 miles (late model used vehicles).

NOTE: Vehicles with 7,500 or more miles may have rates that differ from those with fewer than 7,500 miles.

Used Vehicle: 2024 and older model years or any model year with over 30,000 miles.

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

A Purchase/Buyer's Order is a contract where the buyer and seller agree on terms like vehicle price, buyer and dealership details and other related information.

What do I need for a private party sale?

We require a Bill of Sale for a private party sale. This document is a contract where the buyer and seller have agreed on terms like vehicle price, information about the buyer and the private party seller and other related information. This document must be signed by both the buyer and seller.

Do you require auto insurance if my business is approved for a business vehicle loan?

Yes, you’ll need to provide proof of vehicle insurance 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, Lien Holder or Certificate Holder 
• The address for Navy Federal Credit Union must be: 5550 Heritage Oaks Drive, Pensacola, FL 32526

Can I apply online for a commercial vehicle loan?

Yes, complete the application form and beneficial owner form (if required). Print them out, then sign with a pen (we don't accept digital signatures). Next, scan the signed document(s) and submit online.

Can I get preapproved for a commercial vehicle loan?

No, 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?

No, GAP insurance isn't available for commercial vehicle loans. 

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

A Purchase/Buyer's Order is a contract where the buyer and seller agree on terms like vehicle price, buyer and dealership details and other related information. It must be signed by both the buyer and seller.

What's 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 as well as the vehicle’s year, make model, VIN and current mileage.

Do you require auto insurance if my business is approved for a commercial vehicle loan?

Yes, you’ll need to provide proof of vehicle insurance 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, Lien Holder or Certificate Holder
• The address used for Navy Federal Credit Union must be: 5550 Heritage Oaks Drive, Pensacola, FL 32526

Can I send international wire transfers from a Navy Federal Business account?

Yes, you can wire funds overseas in US dollars or foreign currency. 

• Fee: $25
• Expected wait: 5–7 business days

Step 1: Gather information

To limit delays and ensure the funds reach their intended destination, contact the payee for their financial institution’s information. 

You'll need this information for the payee:  

• Name
• Address
• Account number
• Account type (e.g., checking, savings, brokerage)
• International Bank Account Number (IBAN) or Clave Bancaria Estandarizada (CLABE)

You'll need this information about the financial institution they're using: 

• Name and address
• SWIFT/BIC of receiving financial institution
• Corresponding or intermediary bank name and routing number (if applicable) 

Step 2: Fill out the form

Fill out the Navy Federal International Wire Transfer From a Business Account form.

Step 3: Return form to Navy Federal

Third-party requests greater than $5,000 must be submitted in writing, through secure message or by visiting a branch.

Where can I submit the form?

• Secure message: Send a secure message via mobile or online banking.* Once your message is received, we’ll contact you to process the wire.
• Branch: Find the closest branch to you. If you’re trying to process an international wire, confirm that your local branch offers this service.
• Phone: Call us at 1-888-842-6328.
• Mail: Send the completed form to Navy Federal Credit Union, Attn: Funds Disbursement Section, 820 Follin Lane SE, Vienna, VA 22180.