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Business Loans

    Home Business Loans

    Solutions as Unique As Your Business

    Just about every commercial lender brings a similar suite of products to the table:

    Commercial Credit Lines

    Commercial Mortgage

    Small Business Administration (SBA) Loans

    Equipment Finance

    At First Bank Elk River, we provide all of the products above, but products are not what we’re about. At the end of the day, we’re about:

    Relationships

    When you work with First Bank Elk River, you partner with one of our experienced (and local) Commercial Lenders. You don’t bank with a faceless company name. You may not know the difference now, but you’ll recognize it when you see it.

    Being flexible

    Everyone talks about creating custom solutions, but few have the lending power and organizational structure to back it up. We do. We fulfill the needs of both large and small customers, while providing a level of service that just doesn’t exist in larger institutions.

    Striving to be the best

    Our team has experts in Residential Land Development, Commercial Real Estate Banking, and Light Industrial markets. We are among the state’s leaders in SBA lending and are constantly seeking to add to our depth and breadth of experience.

    Mortgage Calculator

    www.mlcalc.com

    Let us start working for you now.

    Give us a call, stop in, or set up a meeting and we’ll be back to you within an hour to get the process started.
    Contact Us!

    More Than Just Numbers. Every Time.

    Applying for business credit can be a cumbersome and intimidating process. Our goal is to make the process as easy for you as possible. We’ll partner with you to determine the best solution for your need(s) and look beyond the financial surface when building a financial solution for your organization.

    Here’s a quick summary of how we do what we do:

    Listen to your request.

    Call, e-mail, or stop in to let us know what you’re looking for. Regardless of your communication method, our step one is the same every time: Listen to what you’re looking for.

    Discuss your business basics.

    The who, what, when, where, why, and how of your specific situation. It’s 30 minutes well-spent. These are the nuggets that will give us what we need to begin crafting a personalized solution for your organization.

    Solution development.

    Every situation is unique. Whether your solution includes credit lines, SBA funding, commercial real estate loans, or start-up funding, we’ll craft a solution specific to you. Our lenders and commercial bankers are experienced professionals. We act as your personal financial consultants as soon as you decide to work with us.

    On-site meeting(s).

    Tired of walking up to the big wooden banker’s desk in the corner to ask for a loan? Well, First Bank Elk River will come to your desk to dig deeper into your business, your financial needs, and to discuss your options.

    Ongoing communication.

    Implementing your solution is just the beginning of our relationship. Expect to hear from us early and often as we work together to meet your ultimate goals.

    Our Ultimate Goal?

    To understand what “success” means to you and to help you get there.

    Helping You Build Your Tomorrow

    If your business is looking to finance either a new construction project or the purchase of an existing property, start with First Bank Elk River. We offer:

    Conventional mortgage loans

    Small Business Administration loans

    Flexible and competitive terms

    Knowledgeable lenders

    Local Programs for Local Businesses

    First Bank Elk River has been around for over 100 years for a reason: We care about our community and about the success of our local businesses.

    One way we walk the talk is by participating in state and local funding programs intended to assist small to mid-size businesses with non-traditional or incentive-based financing. Here is a brief summary of our current programs:

    Central Minnesota Initiative Fund

    This non-profit corporation assists borrowers and bankers by providing loans which would normally not qualify for conventional financing. The fund’s business loan program provides loans which are higher risk due to the “start-up” status of the business, available collateral or other factors. The program typically fills the “gap” between funds available from a bank loan, owner’s equity, and remaining funds needed to complete the project. Loans may be made for working capital, machinery and equipment, real estate, or research and development. The program serves fourteen counties of Central Minnesota, including Sherburne, Isanti and Wright Counties.

    Elk River Economic Development Micro Loan Fund

    The Economic Development Authority (EDA) for the City of Elk River established a Micro Loan Fund to stimulate private sector investment into manufacturing facilities and equipment in order to increase local employment. An EDA Micro Loan is intended primarily when other conventional loans and equity have been maximized and therefore the project may not occur without an EDA loan supplementing the financing. Any project applying for funds must be located, or proposed to be located, within the city limits of Elk River. The maximum amount will be 40% of the total cost or $50,000, whichever is less.

    Flexible Options to Manage Your Cash Flow

    Opening a Business Line of Credit provides your organization with a reusable source of financing whenever you need it. The number of ways you can use it are matched only by the number of benefits to your organization:

    Fill short-term cash needs

    Flexible interest-only repayment terms

    Apply once, not every time you need credit

    Reduce fees with overdraft protection

    Effectively serves as working capital

    Purchase inventory

    Begin working with a First Bank Elk River Business Banker today.

    Your line of credit is typically secured by the inventory and accounts receivable of your business. Just stop in, send us a message, or give us a call (763-241-3637) and we’ll set up a time to stop by and see you in your offices.

    Send Us a Message

    Funding for your Mission-Critical Equipment

    We understand that, most times, you have to spend money to make money. That’s why we’re here to help you purchase the equipment necessary to produce or deliver your products and services:

    Conventional loans leveraging the purchased equipment as collateral

    Small Business Administration (SBA) loans

    Custom loan solutions leveraging multiple programs if necessary

    Flexible terms: fully amortized or balloon payment loans

    Discuss Your Options!

    Sit down and discuss your options with one of our experienced commercial lenders, or contact us online and we’ll come to you.

    Contact Us

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    Routing #091903844 | NMLS #408946
    Member FDIC | Equal Housing Lender | Copyright 2020 First Bank Elk River | All Rights Reserved
    • Online Banking
      • Internet Banking
      • Remote Deposit Login
    • Home
    • Personal
      • Accounts
      • Mortgages
      • Cards
      • Personal Loans
      • Online & Events
    • Business
      • Accounts
      • Services
      • Cards
      • Loans
    • Rates
      • Checking Accounts
      • Savings Accounts
      • Regular and IRA Certificates of Deposit
    • Locations
    • Careers
      • Current Openings
      • Careers At First Bank Elk River
        • Benefits & Compensation
        • Community Events
        • Why First Bank Elk River
    • About
      • Policies & Disclosures
        • FDIC
        • Disclosure of Our Funds Availability Policies
        • Legal Disclosures
        • Privacy Policy
      • More
        • Contact Us
        • Donation Request
        • Identity Theft
        • Ransomware Information
    First Bank of Elk River
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