When you’re in the market for business financing, what do you want most? Flexible terms? Competitive rates? A customized package tailor-made to best fit your specific needs? With Flagship Bank Minnesota, there’s no need to choose. And since we’re headquartered right here in the Twin Cities, decision-making is efficient, transparent, and made by individuals who want you to succeed.
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.
Letters of Credit
Flagship Bank Minnesota can help you with commercial letters of credit to facilitate trade. In addition, we can also help with standby letters of credit as a secondary payment mechanism.
Small Business Administration Loans
The SBA 7(a) Loan Program includes financial help for businesses with special requirements — including businesses that handle exports to foreign countries, businesses that operate in rural areas and other very specific purposes. Loan proceeds can be used to create a new business, or to help with the acquisition, operation, or expansion of an existing business.
The SBA 504 Loan Program is a powerful economic development loan program that offers small businesses with long-term, fixed-rate financing for acquiring fixed assets for expansion or modernization — including building purchase, land purchase, and land improvements, as well as purchasing furniture, machinery, and equipment.
Flagship Bank Minnesota offers long-term loans, with a negotiated interest rate, as a 1st mortgage/lien to complement the SBA 504 program financing.
We have particular experience serving the professional practices in the Twin Cities. Whether you’re buying into a practice, financing equipment/real estate, or looking for an operating loan. Please contact us today to learn about our competitive options for your practice.