Lines of Credit

Lines of Credit are granted to businesses to be used for short term expenses, to include inventory, special purchases and items in bulk which would be cost effective to the business. Collateral is required on the majority of these lines and the rate is a variable rate tied to the Prime Rate. The Lines need to be paid to a $-0- Balance for 30 consecutive days annually.

Commercial Real Estate Loans

GS&L’s Real Estate Loans on Commercial property require 30% down/equity. They can have a term of up to 20 years which includes a 5-Year Balloon/Rate Adjustment clause and the rate may be adjusted for each 5-year term. A Commercial appraisal will be required along with a Phase I Environmental if applicable. If the business is established, the most recent 3 years financials will be required. If the request is for a startup business, a Business Plan is required and the decision will be based on it, and the borrower’s personal strengths.

Commercial Installment Loans

Installment loans will have a term of up to 5-years and collateral is required. They are usually used for special purchases or improvements/repairs.

Equipment Loans

Equipment loans can have a term up to 7-years and will be secured by the equipment being purchased or other collateral. A down payment of 30% is required in most instances.

Letters of Credit

Letters of Credit are granted to Businesses/Individuals to be used for short term needs in lieu of a cash layout. Collateral is required and loans are reviewed and renewed annually upon request from the beneficiary of the Letter of Credit. (An example would be National Grid requiring one for a housing project, until the project is completed).

Commercial Deposit Accounts

To be a success not only personally but in your business endeavors you need a financial institution you can count on, that can help you grow and prosper. So when the time comes and you are ready to start a new business or move your commercial accounts to a Bank that can help you grow, think of Gouverneur Savings and Loan. Whether you are doing business under an assumed name, a corporation or Limited Liability Corporation Gouverneur Savings and Loan has accounts and benefits tailored to meet your business needs.

Commercial Checking Accounts

With our Commercial checking account you will have all the tools necessary at your fingertips to make your business a success.

Monthly service charge of $7.00
Daily periodic earnings credit of 1% to offset service charge
$100.00 minimum to open the account
No per-items fee

The benefits of opening a commercial checking account with Gouverneur Savings and Loan:

Online Banking & Bill Pay Banking - No charge
Electronic or Paper Statements - No charge
ATM, Debit Cards - No charge for in-house & Point of Sale
Telephone Banking - No charge
Direct Deposits - No charge
Automatic Payments - No charge
Automatic Transfers - No charge
Bank Checks - No charge when funds are drawn from the account to create the check

Money Market Accounts

Business proceeds can also be placed in a money market account. Here earn a higher interest rate and still have limited access without penalties.

Rate is based on tiered balance
Larger deposits earn better interest rate
No monthly service charge with $2501.00 daily balance
Limited check writing and withdrawals

Passbook & Statement Savings Accounts

If you need a separate account for your sales tax or specially designated funds try one of our savings accounts. Using one of these accounts allows you to earn interest on your money.

$1.00 minimum to open the account
$10.00 minimum daily balance to earn interest
$50.00 balance required to avoid a $5.00 monthly maintenance charge

Certificate of Deposit Accounts

A certificate of deposit with Gouverneur Savings and Loan allows you to set aside funds that you don’t have immediate use for and earn more interest than a simple savings account. Just choose your term.

Competitive Rates
Terms: 6, 12, 15, 24, 25, 36 & 48 months
36 & 48 month receive a one-time bump up option
Early withdrawals subject to penalty

Additional Commercial Account Services