The Bank of Elk River serves the financial needs of individuals and businesses in Elk River, Otsego, and Zimmerman Minnesota.
Loans & Lines of Credit
“Simple Straightforward Commercial Banking Where People Matter”
The Bank of Elk River is a strong community bank with a lending capacity to serve loan requests of $6.46 million and more. The Bank of Elk River has a history of serving the business community for over 125+ years. Our local management team and Board of Directors pride themselves on providing prompt responses to loan requests. We have a team of experienced commercial lenders that are eager to help you with your credit needs.
Lines of Credit
Revolving loans to meet short-term cash flow needs. Credit lines are generally supported by a borrower's current assets. Credit line limits generally would not exceed the combined value of 75% of accounts receivables less than 90 days outstanding and 50% of inventory value.
Repayment terms offer flexibility and interest only repayment terms.
Term loans are generally used to finance equipment, vehicles and capital improvements. Equipment loans are generally provided in an amount up to 80% of the equipment value. The length of repayment is generally structured over a period up to five years.
Payment schedules are flexible and include fixed interest rate or variable interest rate options.
Commercial Real Estate
Construction and permanent real estate loans are available. Loans are generally limited to an amount of up to 80% of the property value with repayment schedules up to 20-years.
Interest rate options include fixed interest rate or variable rate options.
Letters of Credit
The Bank of Elk River can provide standby letters of credit and documentary letters of credit. The Bank of Elk River can assist you with the Letter of Credit documents often necessary for import and export transactions.
Special Loan Programs / Alternative Sources
The Bank of Elk River has creative lenders to assist you obtain the best loan package. Preferential rates and terms may be available through a combination of lending sources. Our staff is experienced in utilizing special loan programs to provide the best loan recommendations to our customers. These loan programs include:
- SBA (U.S. Small Business Administration)
- City and County Economic Incentives
- Minnesota Initiative Foundation
- Minnesota Trade and Economic Development Programs
Our Commercial Lending Staff
Main Street Office
Phone: 763-241-8536Email: TLund@thebankofelkriver.com
Phone: 763-241-8584Email: NGagnon@TheBankofElkRiver.com
Phone: 763-241-8590Email: GHardin@TheBankofElkRiver.com
Phone: 763-241-8557Email: BMoritz@TheBankofElkRiver.com
Phone: 763-241-8565Email: NOvall@TheBankofElkRiver.com
Phone: 763-274-6895Email: RRiedel@TheBankofElkRiver.com