Business Banking In Minnesota

Finding the right bank to help finance a business is among the most important partnerships a business can make

. The right financial relationships can keep a business afloat during down times and provide invaluable advice and investment opportunities in good times. If you are in Minnesota, there is one bank I can think of that provides a full range of financial services for businesses large and small with a dedicated staff and a wide array of quality financial vehicles.

The business banking solutions include all of the basic accounts a business would need, including a Minnesota business checking account, business money market, commercial preferred money market, and certificate of deposit accounts.

The Minnesota Business Checking Account - Clients receive unlimited check writing and deposit privileges with a promise of no activity charges if certain minimum balances are maintained on an average monthly balance, known as the Earnings Credit. Clients are issued a Visa check card with the account, with the opportunity to earn Rewards Points with purchases, and the ability to take advantage of the convenience of the Visa name.

Business Money Market Account - This account offers higher interest rates to business depositors with the option of writing checks. A low minimum balance requirement makes this account perfect for Minnesota businesses to save emergency liquidity. The business money market account pays interest on a monthly basis, and the account does not have a limit on over-the-counter withdrawals. There is also no service charge as long as the minimum balance is maintained.

Commercial Preferred Money Market Account - For a slightly higher minimum balance, Minnesota depositors can have access to the Commercial Preferred Money Market Account, which provides depositors with even higher interest rates than the normal money market account. As with the money market account, depositors have the option for check writing privileges, and there are no limits on over the counter withdrawals.

Certificate of Deposit Accounts - The most attractive of the fixed interest rate options, the CD account features the highest interest rates for fixed interest depositors. If a business has the fortune of thinking long term with a portion of funds, this is the perfect account in which to hold business capital.

For those that need a business loan in MN, there are also many incredibly convenient and easy to use services available. Most impressive are the Guaranteed Loans authorized by the Small Business Administration Preferred Lender Program, a government initiative that is exclusive to all but the most experienced and trustworthy lenders.

Their dedication to helping businesses obtain a business loan in MN hardly stops there. They also specialize in construction loans and commercial real estate loans, lines of credit, and term loans. You are absolutely guaranteed to find the right loan program for your business.

They also help businesses with cash management -- they are dedicated to the notion that accounts receivable and payable, payroll, and other accounting functions should not stop a business from attending to its main purpose. Services like this and the Merchant Bank Card Acceptance Program are what separate this bank from others, and put it more in the realm of business partner than lender.

by: Liam Medalson

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