At First National Bank Mahnomen Twin Valley we specialize in small business lending. Our Commercial Lenders are experienced and capable of handling any business borrowing need. As a local community bank, we are closely in touch with our community and customers and are able to offer all the business lending products of the "big" banks. To give our business customers the best rates and products available, our lenders work with the Small Business Administration (www.sba.gov) as an avenue for new start ups, expansions, and refinancing. We make our decisions locally and in a timely fashion, which allows us to meet the individual needs of our customers.
First National Bank Mahnomen Twin Valley offers financing for the purchase or construction of all types of commercial real estate property. We have financed retail stores, manufacturing facilities, office buildings, rental properties, service buildings, resorts and convenience stores. Loans are available for expansion or refinancing of an existing property by securing a mortgage on that piece of property. A commercial real estate loan from First National Bank Mahnomen Twin Valley not only affords you a competitive rate and flexible terms, but our borrowers also get personal, professional service from a bank that really knows the local business landscape. Plus, we make local loan decisions!
We can meet our business customer's needs through traditional financing or by writing a lease on a new piece of equipment.
- Through traditional financing we can offer fixed or variable rate loans with terms ranging from two to five years. Our lenders will work with our borrowers to come up with a convenient repayment plan to meet maximum cash flow objectives.
- Leasing is a valuable alternative for equipment financing needs. Leasing is a cost effective way to acquire the equipment needed to stay competitive and profitable in today's business economy. By leasing equipment, profits are created through the use of the equipment, and not the ownership of it. Leasing helps keep bank lines of credit open and intact for short term operating needs while simultaneously giving the borrower a tax advantage.
Our business operating lines of credit allow qualified borrowers to have access to credit lines when they need it most. An operating line of credit gives our borrowers the ability to make necessary purchases throughout the year while only paying interest on the amount of money owed and not the entire credit line. This flexible financing option gives the borrower the opportunity to keep pace with different business cycles throughout the year to keep the operation in full swing without having to apply for a conventional loan.
Real Estate or equipment loans or lines of credit with a guarantee of fifty to eighty-five percent of the loan amount from the U.S. Small Business Administration. SBA guaranteed loans allow small businesses to obtain financing on terms that would otherwise be unavailable.
We work with a Certified Development Company (CDC) for the purchase of real estate or equipment. The bank loans fifty percent of the project, the CDC loans thirty to forty percent and the borrower contributes ten to twenty percent. SBA 504 loans offer long-term fixed rate loans on the CDC portion, and allow small businesses to obtain financing on terms that would otherwise not be available.
This SBA loan program offers term loans and line of credit options. Proceeds may be used for financing business acquisition, equipment, debt refinance, working capital, inventory, and improvements. Benefits of the express program are reduced eligibility documentation requirements, business assets may be used, accelerated processing with conventional loan documentation, and longer terms available than conventional financing.
First National Bank Mahnomen Twin Valley strives to reach loan decisions quickly, as we realize our customers are busy and want to get timely answers. To expedite the process, it is very helpful to come prepared and know what documents and information our commercial lender will require. Much of the documentation is required to comply with current regulations.
To get started, we will ask for the following information:
- Three years of business and personal (if separate) tax returns
- Personal and business financial statements
- Articles of Incorporation/Organization (if applicable)
- SBA form 1919 if applying for an SBA Loan
After we receive your information, we can usually give an answer in a matter of days. Loan approval depends on the type and complexity of the loan. We use local appraisers, attorneys and title companies to provide the fastest and best service possible.
If you would like to start the application process, you may contact us at (218) 935-5251.
Congratulations on deciding to start your own business! First National Bank Mahnomen Twin Valley is the right place to get your business venture off the ground. As a locally owned bank, our loan decisions are made locally. Our lenders understand the local market and are able to help review business plans and customize a loan to meet the many needs of a business.
To get started, we will ask for the following information:
- Business Plan - A Business Plan is essentially your business idea on paper. This will typically include a business description, industry analysis, and analysis of competitors, market analysis, marketing and management plan, among other things.
- Financial Projections - Three to five years of projected revenues and expenses. Revenue and expense projections should be explained and supported by industry data.
- Three years of personal tax returns
- Personal financial statement
- SBA Form 1919 if applying for an SBA Loan
After we receive all of the required information, we can give a decision in a matter of days. Once approved, we will work diligently to get the loan closed quickly. The time frame depends on the type and complexity of the loan. We use local appraisers, attorneys and title companies to provide the fastest and best service possible.