When you work with First National, 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.
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.
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.
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.
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.
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.
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.
Tired of walking up to the big wooden banker’s desk in the corner to ask for a loan? Well, First National will come to your desk to dig deeper into your business, your financial needs, and to discuss your options.
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.
To understand what “success” means to you and to help you get there.
Conventional mortgage loans
Small Business Administration loans
Flexible and competitive terms
First National Bank of 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.
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.
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.
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 (763-441-2200) and we’ll set up a time to stop by and see you in your offices.
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