Nonprofits, Schools, and Religious Organizations
There are many complexities that set nonprofits apart from other enterprises such as inconsistent cash flow, governance by a board of directors and special requirements related to being tax-exempt. Flagship Bank Minnesota has years of extensive experience providing banking services to nonprofit organizations. Many of our banking team members and bank directors have held positions within the sector and have a deep appreciation for the opportunities and challenges nonprofits face.
At Flagship Bank, we walk the talk. Not only do we provide banking services to numerous nonprofits, but we have also built a robust giving program. We provide charitable contributions and volunteer hours to help support these organizations as they carry out their missions.
Competitive Nonprofit Checking and Money Market Accounts
We understand nonprofits need to maintain their liquidity to support their mission and to balance inconsistent cash flow. At Flagship Bank, we didn’t just change the name of our standard business checking account. We have custom made a competitive Nonprofit/Government Checking Account with more benefits and a competitive tiered interest rate paid on daily balances (1,2). Couple this with our competitive Money Market Savings Account, and your organization will find itself in good hands.
Lines of Credit
A business line of credit provides a ready source of cash for whatever you need, whenever you need it. Use it to provide short term funds, cover seasonal working capital needs, or keep cash flow on track until accounts receivable are collected. We offer both revolving and non-revolving lines of credit.
With a revolving line of credit, your business can borrow, repay, and borrow again, up to the original maximum amount throughout the life of the loan.
With a non-revolving line of credit, your business can borrow either a lump sum or an amount to be disbursed over a period of time.
A term loan is a loan designed to be repaid over a specific term, such as five, 10, or 20 years. Term loans to purchase real property may be amortized for as long as 25 years, but often have a balloon payment due at the 10-year mark. Depending on the collateral, these loans are ideal when your business needs to:
- Purchase a building, machinery, equipment, furniture and fixtures
- Make leasehold improvements
- Expand or modernize your facilities
- Buy business vehicle/vans
Flagship Bank Minnesota offers flexible-term funding for long-range needs, tailored to your specific requirements.
1At our discretion, we may change the interest rate on your account.
2This rate may change without notice