Lake Region Bank is proud to have an experienced and talented commercial lending team. Take a moment to get to know Lake Region Bank senior commercial lender Mike Malone and discover his advice for businesses looking to finance their next purchase.
Mike, how long have you worked for Lake Region Bank?
MM: I’ve worked at Lake Region Bank since July 1997. I joined the team after a few years in the mortgage industry. I started in New London as a consumer lender, then moved to the Willmar branch to work in the commercial department as a lender and financial analyst in 2002. In 2005, I moved back to the New London branch as the sole commercial lender. In 2015, I became the bank’s senior commercial lender, the position I enjoy today.
What types of businesses do you work with at Lake Region Bank?
MM: I work with all sorts of entrepreneurs who are starting a business, buying a business, or growing a business. My primary focus is commercial lending, which includes contractors, farmers, and other enterprises that require real estate loans, equipment loans, and operating lines of credit.
What do you like most about working with Lake Region Bank customers?
MM: I love helping business owners achieve their goals. It’s the main reason I became a banker in the first place. I enjoy the underwriting process, including assisting business owners in evaluating their historical financial information and building projections When a business owner contacts me for financing, one of the first things we do is project their revenue and expenses. Often, we find that the purchase they’re considering will help them meet their goals and grow their business. But sometimes, we discover a purchase isn’t feasible. Other times it’s been determined that the actual purchase of a business doesn’t make financial sense. Either way, I feel like I’ve helped a customer make a sound business decision.
What is one piece of advice you’d give someone looking for a commercial loan?
MM: Know your strengths and weakness as a business owner, and seek assistance for the weaknesses. Too many entrepreneurs go it alone or think they can do it all. I recommend business owners cultivate relationships with their commercial banker, their CPA, and their bookkeeper and rely on them to help them make positive decisions.
Giving back to the community is an important value at Lake Region Bank. How are you involved in your community?
MM: I have the privilege of serving on the leadership team of several local organizations. I’ve been a member of the New London Lions since 1999 and currently serve as the club’s treasurer. I’m also the president of the New London Economic Development Authority and vice-chair of the Kandiyohi County Housing and Redevelopment Authority.
When you’re not writing commercial loans, what do you like to do for fun?
MM: Spending time with my family is a top priority. Some activities include boating, biking, hiking, or working on the family cars. With two teenaged drivers in the family, that last “hobby” keeps me busy! Mike Malone is just one member of Lake Region Bank’s commercial banking team. To work with Mike, reach out to Lake Region Bank today. You can also reach him directly at 320-262-5202.