Bank of Utica offers a variety of services designed to help you manage your business’s financial needs effectively and efficiently. You’ll receive outstanding customer service from Utica’s only locally owned and operated commercial bank.

Bank of Utica offers state-of-the-art electronic payment services through the Automated Clearing House (ACH). We can offer you the ability to pay your employees by direct deposit wherever they maintain their bank account, collect payments on your accounts receivable, receive monies due you from the government, electronically pay your taxes, and transfer funds among your accounts at different banks.

To process these electronic payments Bank of Utica uses the Automated Clearing House (ACH) Network, which is a highly reliable and efficient nationwide system that uses high speed computers and telecommunications to transfer funds and payment related information.

Bank of Utica will let you do the following:

. Your business can use Bank of Utica to make a variety of payments such as payroll for your employees, dividend payments for your stockholders, and pension payments for your retirees.

. You can also use us for the direct collection of payments owed to your business such as accounts receivable receipts, charitable contribution pledges if you are a non-profit organization, or utility bill payments if you are a utility company.

. Through Bank of Utica you can receive Government payments due you along with the accompanying invoice information.

. We allow you to make federal tax payments electronically.

. You can also transfer funds between Bank of Utica and accounts at other banks.

Bank of Utica offers a full range of commercial loan services designed to meet both your short term and long term needs. These loan products, when combined with our deposit services, can help your business prosper and grow.

Lines of Credit

A pre-approved line of credit gives you the ability to periodically borrow funds on a short term basis without having to be approved each time you need an advance. You can borrow up to your maximum credit limit whenever you need to.

Time Notes

Immediate funds can be provided for short term needs. The rate is based on the prime rate plus an index determined by the length of the loan and the collateral.

Demand Loans

These loans have no fixed maturity. That is, you can repay them according to your own schedule. They are usually secured by quick collateral (e.g. stocks, bonds, and deposit accounts). You can borrow as much as 95% of the full value of the collateral.

Term Loans

If you need funding for a longer period, a term loan may better meet your needs. These are usually for five to ten years and are typically used to finance capital expenditures such as machinery or a company expansion.

Accounts Receivable Financing

You may have accounts receivable you want to turn into cash. Many businesses can borrow against their accounts receivable and use the additional cash to increase inventory, buy equipment, etc. This is a revolving line of credit. As it is paid down, you can continue to borrow against it up to the maximum credit limit.

Floor Plan

Floor Plan financing is a way for car and boat dealers to maintain an adequate inventory of vehicles for display and sale. We lend you the money for each vehicle on an individual basis. Repayment is made as the vehicles are sold.

Real Estate

Real estate loans can be used to finance a new or existing building to be used as the foundation for your growing business. Terms and interest rates can be tailored to your business’s needs.

Government Loan Programs

Bank of Utica participates in a number of government loan programs including the Small Business Administration (SBA) and New York State’s Linked Deposit Program.

The SBA provides loans to small businesses who might not be able to otherwise qualify for conventional types of financing. The loan is made directly through the bank and is guaranteed by SBA.

New York State’s Linked Deposit Program is the Department of Economic Development’s program which offers affordable capital to businesses. Eligible businesses can obtain loans at 2% less than Bank of Utica’s already low interest rates.

Our Commitment

Bank of Utica has made a commitment to help meet the needs of businesses in our community. You’ll find Bank of Utica, your hometown bank, available for all types of business financing where you’ll get quick answers because you’ re dealing with local people in a local bank that is vitally concerned with the economic progress of our local area.