Business Lending Center
At Northwoods Bank we specialize in small business lending. The Business Lenders at Northwoods Bank are experienced and capable of handling any of your business borrowing needs. As a local community bank, we are closely in touch with our community and our customers, but we still can offer all the business lending products of the “big” banks. So if you want to bank where decisions are made locally and where your lender takes the time to understand your business and can customize your loan to meet your individual needs - you've come to the right place. We can handle loans as small as $25,000 or well into the $Millions.
- Commercial Real Estate Loans We offer financing for the purchase or construction of all types of commercial real estate property. We have financed retail stores, manufacturing facilities, office buildings, service buildings, convenience stores and grocery stores. We are especially strong in financing resorts and campgrounds. We even finance restaurants. We also offer loans for expansion or refinance of existing commercial property. Loans are secured by a mortgage on the commercial property. Loan terms are up to 24 months for construction and up to 20 years for permanent financing. Fixed and variable rates are available. Loan amounts range from 70 - 80 percent of the property value or purchase price.
- Resort Loans
- Equipment/Vehicle Loans
- Inventory/Working Capital Loans
- Lines of Credit
- SBA 7(A) Loans
- SBA 504 Loans
How To Apply
Northwoods Bank strives to reach loan decisions quickly, as we realize our customers are busy and want to get timely answers. To expedite the process, it is very helpful to come prepared and know what documents and information the business banker will need. Much of the documentation is required to comply with current regulations.
- Existing Businesses To get started, we will ask for the following information:
- 3-5 years of business and personal (if separate) tax returns
- Personal Financial Statement
- Articles of incorporation/Organization (if applicable)
- SBA forms 1919 if applying for SBA loan
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 days to a couple months, depending on the type and complexity of the loan. We use local appraisers, attorneys and title companies to provide you with the fastest and best service possible.If you would like to start the application process, you may contact us at (218) 732-7221, emailThis email address is being protected from spambots. You need JavaScript enabled to view it. or fill out this contact form. - New / Start-up Businesses
Helpful Links
If you would like to start the application process, you may contact us at (218) 732-7221, email
Servicing Park Rapids, MN And The Surrounding Areas
Family owned and operated since 1919
Our team members greet you with a smile and the expertise you are looking for!
