Freedom offers checking, savings, money market, and term share accounts for businesses. For more detailed information on any of these account types, see our Business Overview page.
Business Loans and Accounts
For business accounts, other than sole proprietorships, an existing owner or signer should submit documentation describing the change(s) in ownership. All new signers will be required to provide two forms of ID, with at least one being a government issued photo ID. All new signers will also be required to sign account documents prior to being added to and transacting on the account. For additional information on the process for changing signers, contact us at 1-800-440-4120 or visit any branch location.
To open a business account with Freedom, we will need: Employer Identification Number (EIN) (An IRS Letter of Issuance or proof may be required), mailing and physical address of the business, and personal identification for each signer. Depending on the type of business, more documentation may be required. For details, please visit our Business Banking overview page or contact our Business Banking Team directly.
In general, we review each request on it’s own merits. Freedom looks at cash flow, capacity, credit, collateral, character, and market conditions to determine if the loan makes sense for both the borrower and the lender.
Documentation for each type of business loan varies. Typically, documentation consists of an application, business debt schedule, personal financial statement, and tax returns/financial statements. Other documents may be required. Please consult your lender as to the specific documentation based upon your request.
Freedom currently offers mortgages, installment loans, and lines of credit (including a Business Visa) for your business. Find out more about each loan type.
You may apply for a Business Loan by contacting our Business Banking Team.
There are multiple types of business entities, so we recommend consulting your tax advisor or an attorney as to which entity best suits your business.
EIN stands for Employer Identification Number. Just as a social security is a unique number for an individual, an EIN is a unique number to identify a business entity, organization or club. An EIN can be obtained online for free directly from the IRS website.
Applications for a trade name can be found at the Maryland State Department of Assessments and Taxation online.