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Small Business Loans

business loans Elmira NY

Small Business Loans in Elmira, NY and Surrounding Areas

Your business may need cash to expand, purchase inventory, consolidate debt or purchase equipment. We have money available to help your business grow and the flexibility to tailor a loan that meets your needs and budget. You can rely on our business loans in Elmira, NY and surrounding areas.

We also provide small business loans in Ithaca, NY and surrounding areas. Small Business Loans are business purpose loans that are up to $250,000 with total related credit of $400,000 or less. Chemung Canal participates in various loan programs for business financing, including U.S. Small Business Administration (SBA) - a program that provides guarantees for business loans for working capital, equipment purchases, or the construction, renovation or purchase of real estate.

For questions or more information, please contact us at (800) 836-3711.

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  • Payments automatically deducted from a Chemung Canal checking or savings account
  • Saves money, competitive rates, no prepayment penalties
  • Convenient: quick turnaround time for decision and closing
  • You can apply for a small business loan at any of our branches.

business loans Ithaca NY
Term Loan

  • Investing in major purchases such as plant or office equipment, computer systems, vehicles or machinery.
  • Fixed interest rates
  • Maximum seven-year term

Line of Credit

  • Access funds immediately for working capital, funding accounts receivable and inventory turnover
  • Variable interest rates, adjusted daily
  • Interest only payments
  • Three-year renewal period; no out-of-debt period


Overdraft Line of Credit

  • Provide overdraft protection for a Chemung Canal deposit account
  • $1,000 to $10,000
  • Three-year term

Commercial Building

  • Purchase, construct, expand or renovate commercial and multi-family property
  • Interest rate fixed for the first five years, then adjustable every five years thereafter
  • Maximum 20-year term

Commercial Equity Line of Credit

  • Just like a home equity line of credit, but on a commercial/multi-family property
  • Variable interest rate, adjusted daily
  • Five-year draw period followed by a five-year renewal period or termed out
  • Monthly payments based on a 15-year amortization