Loans & Credit

October is Manufacturing Month

October is Manufacturing Month

Each October, we celebrate Manufacturing Month and our customers. Why? One reason is the multiplier effect, where a dollar of input results in increased dollars of output elsewhere. According to the National Association of Manufacturers, the multiplier effect of every dollar spent in manufacturing results in another $2.79 added to the economy. This is the highest multiplier of any sector of the economy. This is along the same vein of the 'shop local' multiplier, where a dollar spent locally is recirculated in the area three times that of dollars spent at a national chain store. Another illustration of the magnitude of manufacturing on our economy is that the US manufacturing sector would be considered the 8th largest economy globally. Manufacturing is a BIG deal, and taking time to acknowledge and celebrate its contributions to our lives is warranted.

The Bank of Elk River understands, respects, and appreciates the opportunities and challenges associated with the manufacturing industry. Anyone can lend money to purchase equipment, but do they know your business and industry? We work with our manufacturing customers by taking a comprehensive view of their business and issues impacting their industry. That means we are not just looking at the immediate request at hand but looking at potential impacts elsewhere in the business. We are a strategic business partner working through our customers' short, medium, and longer-term needs.

Trust in our experience, our commitment to our customers, and our network. Our average years of experience among our lenders, analysts, and admins in our commercial lending team is significant. Our expertise means we have seen a variety of circumstances affecting manufacturing, and we have the knowledge to help manufactures navigate changes in their business or industry. Our commitment is evidenced by our origination of over 700 PPP loans totaling over $97 million. Furthermore, our partnerships with the SBA, various initiative foundations, numerous city and county EDAs mean access to more resources and programs to support manufacturers and their initiatives.

If you are a manufacturer that currently does not bank with us, I invite you to call and give us a try. Check out some of the testimonials our manufacturing customers have left us and don't forget to take a peek at our current equipment specials. I know our success is tied to our customer's success; accordingly, our solutions are made with our customers' best interests in mind.

The Bank of Elk River - # creatingpossibilities.


Nate Oval
Senior Vice President, Commercial Lending Officer
The Bank of Elk River


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