UCC Filings and Your Business Loan: What You Need to Know

When it comes to money, everyone should have to play by the same rules. That’s why the Uniform Commercial Code (UCC) was developed to regulate how commercial transactions operate. One of those rules has given us UCC filings. 

What is a UCC Filing?

There’s a more financially technical way to define UCC filings—we’ll get to that—but when you boil it down, it’s pretty simple. A UCC filing is a public announcement lenders make that either a borrower has taken out a loan with them or is looking to take out a loan with them, and it defines the collateral put up to secure that financing. 

Think of it as the financial version of “going public” on social media with a new relationship. Once you change that “relationship status” (and let’s be honest, your profile picture), other people who might be interested can look you up. They can see that you’re already committed to someone else. Even more importantly, they can see how committed you are. 

In a sense, UCC filings are like a public relationship history. UCC filings allow lenders to see how you’ve treated loans in the past. They let lenders see if you currently have other commitments. Once a lender decides to move forward with you, they allow that lender to add their loan to your UCC filings #makingItOfficial. 

More technically, a UCC filing is a legal form filed by a lender, giving notice that they have an interest in the borrower’s personal or business property. 

Where Can You Find My Record of UCC Filings?

Lenders aren’t the only party who can view your UCC filings. Many states provide online databases of UCC filings that are available for public searching, though some require a subscription to search UCC records. 

Find out more about how to access UCC filings in your state: 

  • Alabama 
  • Alaska 
  • Arizona 
  • Arkansas 
  • California 
  • Colorado 
  • Connecticut 
  • Delaware 
  • Florida 
  • Georgia 
  • Hawaii 
  • Idaho 
  • Illinois
  • Indiana 
  • Iowa 
  • Kansas 
  • Kentucky 
  • Louisiana 
  • Maine 
  • Maryland 
  • Massachusetts 
  • Michigan 
  • Minnesota 
  • Mississippi 
  • Missouri 
  • Montana
  • Nebraska 
  • Nevada 
  • New Hampshire 
  • New Jersey 
  • New Mexico 
  • New York 
  • North Carolina 
  • North Dakota 
  • Ohio 
  • Oklahoma (individual counties keep UCC records)
  • Oregon 
  • Pennsylvania
  • Rhode Island 
  • South Carolina 
  • South Dakota 
  • Tennessee 
  • Texas 
  • Utah 
  • Vermont 
  • Virginia 
  • Washington 
  • Washington, D.C. 
  • West Virginia 
  • Wisconsin 
  • Wyoming

Why Should You Check Your UCC Filings?

UCC filings play a major role in your business credit score. Like the factors that affect your personal credit, UCC filings can occasionally have errors. Sorting out any outstanding errors or hiccups in your UCC filings can make you a more appealing borrower.

When Does UCC Filing Happen?

It depends on the lender and the loan product. Some UCC filings happen after you’ve secured funding. Others are filed when you apply for funding so that lenders can protect themselves from borrowers trying to get 2 loans at the same time without the lenders knowing about it. 

UCC Filings and Unsolicited Calls from Creditors

Because UCC filings are public, some lenders comb through records to find businesses that are looking for funding. They’ll then contact borrowers and offer them loans. These loans often come with poor terms or can put you at risk for loan stacking. 

While we all love an inbound lead, if you start receiving unsolicited calls from creditors, reach out to your Lendio Funding Manager. We’re here to help weigh offers and make sure you’re getting a loan with the best terms. 

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