Local Programs for Local Businesses
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.
One way we walk the talk is by participating in state and local funding programs intended to assist small to mid-size businesses with non-traditional or incentive-based financing. Here is a brief summary of our current programs:
Central Minnesota Initiative Fund
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.
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 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.
Please contact us with any questions you may have.