Whether you’re just starting your business or growing your successful company, you may require a commercial loan to take your business to the next level. The friendly Lake Region Bank commercial lending team is here to help you understand your options and how the loan process works. Let’s get into it!
What Are Commercial Loans?
You can use a commercial loan to finance a business need. A commercial loan can finance everything from buying property and equipment to covering day-to-day operating expenses. When you apply for a commercial loan, the Lake Region Bank team will look at your business’s financial health and your ability to repay the loan.
Types of Commercial Loans
Let’s take a closer look at the type of commercial loans Lake Region Bank can write.
Commercial Real Estate Loans
Buy, build or refinance your new location, expansion, or build-out with a convenient real estate loan with Lake Region Bank. Your commercial real estate loan can be used for owner and non-owner occupied properties, commercial office and retail, land acquisition, or land development.
SBA 504 Loans
An SBA 504 loan can be used for certain real estate investments, including the purchase and construction of new facilities, modernization of existing facilities, or the purchase of long-term machinery or equipment. SBA 504 loans are available up to $5 million for eligible businesses.
Ag Loans
Secure financing for your ag equipment or working capital for your farm with an ag loan from Lake Region Bank. We can help you secure an operating loan to cover daily expenses, equipment loans for your next machinery investment, and ag lines of credit to help with cash flow throughout the farming season. Our lending team can also work with USDA on farm loans for eligible farmers. We offer competitive rates, flexible amortization, and local support.
Equipment Loans
Purchase the tools and machinery you need without large upfront costs with an equipment loan with Lake Region Bank. We can help you purchase new farm equipment, construction machinery, and manufacturing and production equipment. If you need it for your business or ag operation, we can help you finance it.
Operating Lines of Credit
Want access to cash as you need it? An operating line of credit makes cash available to you up to a certain limit. You can use the money as you need it and only pay interest on the amount you actually borrow. Lake Region Bank’s lenders can help you determine if an operating line of credit is the best choice for your business.
Letters of Credit
Sometimes, a major business purchase requires a guarantee that you will be able to pay on time and for the full amount. A letter of credit from Lake Region Bank can give sellers the peace of mind that you have the funds to make your next big purchase. Work with our lending team to draft a letter of credit for next big purchase.
Secured Business Line
Use a secured business line to take advantage of higher borrowing limits and lower interest rates. For a secured business line of credit, you offer collateral, such as real estate, a vehicle, or equipment, in exchange for a line of credit. The total amount of the collateral matches the amount you borrow. Lake Region Bank can help you take advantage of this loan product.
Lake Region Bank’s local lending team is here to help you understand your commercial loan options and help you decide which loan product is the best fit for your needs and financial situation. For friendly, knowledgeable support, get in touch with our commercial lenders today.
