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| Best Use | Term | Minimum Monthly Payment | Collateral | |
|---|---|---|---|---|
Term Loans | Best Use Finance office equipment, manufacturing equipment, computers, vehicles, and more. Apply Now Click Here | Term Up to 7 years | Minimum Monthly Payment Principal and interest based on amortization. | Collateral Equipment, vehicles or business assets |
Real Estate Mortgage | Best Use Purchase initial or additional property, renovate current facilities, or relocate. Apply Now Click Here | Term Varies | Minimum Monthly Payment Principal and interest based on amortization. | Collateral Commercial, residential, or multi-family real estate |
Business Checking Plus | Best Use A short-term working capital revolving line of credit that attaches to your business checking account. Apply Now Click Here | Term Open end | Minimum Monthly Payment Interest only payments | Collateral Typically unsecured; may require collateral |
Business Line of Credit | Best Use A flexible short-term credit line for operating expenses or small capital expenditures. Apply Now Click Here | Term Varies; typically 1 year maturity | Minimum Monthly Payment Interest only payments | Collateral Commercial real estate and/or business assets |
Testimonials:
“I’ve been banking with United Community Bank for over 20 years (both personal and business), and every experience has been pleasant and helpful.”
-Keith, business customer
“We enjoyed working with lender Ryan Rustad because he is a high character, knowledgeable, trustworthy individual. Ryan made the business financing process quick, easy, and stress-free. As owners of a small business, and parents to four children, we don’t have an excess of time so we appreciate a small-town bank’s ability to make things happen in a timely, efficient manner.”
-Ryan, business customer
“Thank you so much for helping us realize a dream! We are thrilled to be in Perham and Gathering Grounds is heaven, you changed our lives!”
-Ashlea, business customer
How to Apply for a Business Loan
You deserve timely decisions on your business lending application. To help us expedite the process, please come prepared with the following required documents.
Existing Businesses
- 3-5 years of business and personal (if separate) tax returns
- Personal Financial Statement
- Articles of Incorporation/Organization (if applicable)
- SBA Form 1919
New Businesses
Congratulations on deciding to start your own business! Our lenders understand the local market and can help review your business plan and can customize a loan to meet your individual needs.
To get started, we will ask for the following information:
- Business plan (including, but not limited to: business description, industry analysis, and analysis of competitors, market analysis, marketing plan, management plan, and a financial plan)
- 3-5 years of projected revenues and expenses
- 3 years of personal tax returns
- Personal Financial Statement
- (if applicable) Certificate of Assumed Name and official Federal Tax ID confirmation (apply for an ID here)
- (if applicable) Articles of Incorporation/Organization
- (if applying for SBA loan) SBA Form 1919
Timeline
After we receive your information, we can usually give you an answer in a matter of days. Once approved, the loan can be closed anywhere from a couple of days to a couple of months, depending on the type and complexity of the loan.
Coffee with a Banker Video Series
Business Resource: Small Business Development Center
Information accurate as of 3/16/19, and may be subject to change. All loans are subject to credit and underwriting approval. Other terms and conditions may apply.
United Community Bank NMLS 421829
Ryan, since 2006
Senior Commercial Lending Officer
Perham, MN
218-346-9749
Meet Ryan
Area of Expertise: Commercial lending
Alma Maters: North Dakota State University, University of Wisconsin-Madison
Community Involvement: Perham Rotary, Perham Center of the Arts
Favorite Part of My Job: Meeting with people and providing solutions for their unique needs.
Minnesota Picks: Camping
Douglas, since 2017
Commercial/Ag Lending Officer
Perham, MN
218-346-9755
Meet Douglas
Areas of Expertise: Agricultural lending, FSA guaranteed farm loans
Alma Mater: University of North Dakota and the Graduate School of Banking at Colorado
Community Involvement: Perham Fire Department
Favorite Part of My Job: Providing value to customers by producing a detailed insight into their financial situation
Minnesota Picks: Ice cream cones in the summer and pumpkin patches in the fall.
Ashley, since 2003
Branch Manager // Loan Officer
Frazee, MN
218-346-9725
Meet Ashley
Community Involvement: Frazee EDA, Frazee Sportsmen’s Club, Frazee Area Community Club
Favorite Part of My Job: My favorite part of my job is watching the customers grow and succeed; it is very rewarding knowing that customers you started working with to build/rebuild credit are now buying their dream homes.
Minnesota Picks: Hunting, fishing, or four-wheeling
Jen, since 2020
Commercial Lending Officer
Perham, MN
218-346-9758
Meet Jen
Areas of Expertise: Commercial Lending
Community Involvement: Rotary Foundation Board Member, Empowering Kids Board Member,
Favorite Part of My Job: Working with customers witnessing their dreams come true through home and business ownership.
Minnesota Picks: I enjoy spending time outdoors with my three boys, golfing, spending time at the lake, and taking walks with my dogs.