The right financing can help your business take the next big step
Whether you're looking to acquire real property, equipment or a flexible line of credit, First Bank Elk River's business bankers can help you get the funding you need to get the job done. We fulfill the needs of both large and small customers, while delivering a personalized level of service that just doesn’t exist at larger financial institutions.
- Business Line of Credit: Open the door to opportunity with a reusable financing source. Make repairs, stock up on inventory, hire seasonal help, cover cash-flow shortfalls or use it as working capital for your next big initiative. Interest-only monthly payments make this a budget-friendly source of funds.
- Equipment Loans: Often, you have to spend money to make money. Invest in your business's productivity with upgraded machinery, sophisticated tools, high-tech devices, commercial vehicles and IT hardware that helps you stay ahead of the competition.
- Commercial Mortgage: Buy land for commercial development, purchase property for retail outlets or office complexes, or get funds to upgrade older facilities. We provide flexible real estate loans with attractive terms to business owners, contractors and investors.
- SBA Loans: Small businesses can find it a challenge to acquire traditional commercial financing. At First Bank Elk River, we cut through the red tape and help start-ups and established businesses connect with government-backed loans that can be used to purchase property, acquire equipment, expand operations and more.
More than just money
There are plenty of places that can provide your business with financing. At First Bank Elk River, our commitment to your success goes way beyond the dollar sign.
- Building Relationships: When you come to First Bank Elk River, you partner with one of our experienced, local business bankers. They'll provide you with far superior service than a faceless lender at a far-off big bank.
- Maximum Flexibility: Everyone talks about creating custom solutions, but few have the real desire to back up those claims. We do. Our lenders have the ability and authority to tailor loans to the needs of large and small customers with all sorts of cash-flow situations in all types of industries.
- Work With the Best: Our team has experts in Commercial Real Estate Banking and Light Industrial markets.
Benefits for Local Businesses
We participate in state and local funding programs intended to assist small to mid-size businesses with non-traditional or incentive-based financing.
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 for the purpose of increasing local employment. This funding is approved when conventional loans and equity will not cover the total cost and the project may not occur without an EDA loan. Any project applying for funds must be located, or proposed to be located, within the Elk River city limits. The maximum amount is 40% of the total cost or $50,000, whichever is less.