First Minnetonka City Bank

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Loans | Looking for a Loan? Review Our Loan and Credit Options

First Minnetonka City Bank's loan products can provide all the financial backing you need to foster your business' growth.

At First Minnetonka City Bank, our Lines of Credit provide ready cash to help you meet short-term funding needs, such as increasing inventory, dealing with seasonal cash flow issues, or taking advantage of unexpected opportunities. You pay interest on the outstanding principal balance each month, and you can access your line simply by making a transfer to your First Minnetonka City Bank business checking account.

Business Lines of Credit*

  • You receive a revolving line of credit to pay down and use again.
  • Commonly used to manage cash flow needs.
  • Interest rates are variable and Prime based.
  • Line options include secured, unsecured, and SBA lines of credit.

*Subject to credit approval

Term Loans* are an excellent source of funding for purchasing equipment and other fixed assets or for obtaining permanent working capital. They are designed for intermediate term borrowing needs. Repayment is based on the life of the asset and your company’s cash flow.

Term loans are a good way of quickly increasing capital in order to raise your business’ supply capabilities or range.

Contact us today to learn if a term loan is the best fit your business needs..

*Subject to credit approval

As part of our commitment to serving our local businesses, First Minnetonka City Bank offers the complete range of U.S. Small Business Administration (SBA) programs. Whether it's a SBA 7(a) or SBA 504 loan, they can have great advantages over conventional loans, including:

  • Long repayment terms. This means lower monthly payments.
  • Lower down payments. Makes upfront costs more affordable.

Virtually any business purpose can qualify for a SBA guaranteed loan, including:

  • Commercial real estate purchase
  • Construction
  • Business acquisition or expansion
  • Equipment or inventory purchase
  • Refinance
  • Working capital


First Minnetonka City Bank and the SBA offer two separate, but equally important loan programs:

Basic 7(a) Loan Guaranty*

Customer: For-profit small businesses

Function: Serves as the SBA's primary business loan program to help qualified small businesses obtain financing when they might not be eligible for business loans through normal lending channels.

It's also the agency's most flexible business loan program, since financing under this program can be guaranteed for a variety of general business purposes.

Loan proceeds can be used for most sound business purposes including working capital, machinery and equipment, furniture and fixtures, land and building (including purchase, renovation and new construction), leasehold improvements, and debt refinancing (under special conditions).

Loan maturity is up to 10 years for working capital and generally up to 25 years for fixed assets. The maximum SBA guaranteed loan is currently $2,000,000.

Certified Development Company (CDC), a 504 Loan Program*

Customer: For-profit small businesses requiring "brick and mortar" financing.

Function: Provides long-term, fixed-rate financing to small businesses to acquire real estate or machinery or equipment for expansion or modernization. Typically a 504 project includes a loan secured from a private-sector lender with a senior lien, a loan secured from a CDC (funded by a 100 percent SBA-guaranteed debenture) with a junior lien covering up to 40 percent of the total cost, and a contribution of at least 10 percent equity from the borrower. The maximum SBA debenture generally is $1 million (and up to $1.3 million in some cases).

For more information regarding these programs click here to be redirected to the SBA's website.

To find out how First Minnetonka City Bank can assist your small business, please contact a Business Banker at any one of our locations.

*Subject to credit approval

No matter what size business or type of organization you represent, First Minnetonka City Bank can work with you to secure the appropriate financing.*

Whether you're looking to purchase a building for your business or need financing to complete the build out of your office space, First Minnetonka can provide you with the financing to make it happen!

*Subject to credit approval

Looking for a way to establish a solid relationship with a company with whom you have little or no history? We can provide you with domestic or international standby letters of credit, as well as international documentary letters of credit that are useful if you are importing or exporting products.

Letters of Credit* are guarantees of payment to help you make purchases or transact business with companies with whom you have limited trading experience or credit history. Cash or marketable securities are generally used to secure the credit.

First Minnetonka City Bank offers two types:

  • Commercial Letters of Credit – used to facilitate trading activity between businesses.
  • Standby Letters of Credit – serve as an assurance to others that your business will meet its contractual obligations

*Subject to credit approval

Calculators | Try our loan calculator


Learn More | Contact Our Loan Specialists

Glen Lake:

(952) 935-8663

Scott Elleraas

Kevin VonBank

Country Village:

(952) 935-5995

Kurt Wilkowske


Report unauthorized activity

To report unauthorized activity or a lost or stolen Visa Debit Card, call (952) 935-5995 or (952) 935-8663 during our business hours. After hours, call (800) 472-3272.

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1. Reduce discrimination in housing by doubling the Title VIII case load by the end of 2000 through aggressive enforcement of civil rights and fair housing laws;

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