Eastern Iowa and Minnesota Commercial Lending
F&M Bank's team of commercial lenders is skilled in matching the appropriate products to your individual business needs. We support businesses of all sizes and offer a full range of products and services customized to each business’ needs.
We are committed to the Eastern Iowa and Minnesota communities that we serve. Our team prides itself on our responsiveness to the needs of our clients and are personally committed to your business success.
Working Capital Loans
- A convenient way to make sure that your business is prepared for those seasonal, cyclical or growth needs.
Commercial Term Loans
- Flexible terms to fund the expansion needs of your company whether that involves new fixed asset purchases, commercial real estate or permanent working capital needs.
Government Programs
- LIFT Loan Program: Small Business Linked Investments Program will inject capital into small businesses owned and operated by Iowa residents
- Low Doc SBA Program: Provides financing to qualified borrowers with minimum paperwork requirements.
- SBA 504/7A Programs: Provides financing to new or expanding businesses with attractive terms and rates.
Financial Statement Forms
Understanding the Loan Application Process
We’ve simplified our commercial loan application process to help you quickly secure funding for your business. Here’s how it works:
- Consultation: One of our lending experts will meet with you to discuss your business and financing needs.
- Application & Documentation: Complete a straightforward application and provide necessary documentation such as financial statements, tax returns, and business plans.
- Review & Approval: Our lending team will evaluate your information thoroughly and promptly.
- Closing & Funding: Once approved, we’ll finalize terms, schedule closing, and distribute funds directly and efficiently.
Our team is available at every stage to ensure you receive the guidance and support you deserve.
Who is Eligible for Commercial Loans?
Our commercial lending solutions are available to various business entities including corporations, partnerships, LLCs, sole proprietorships, and nonprofits. While requirements may vary depending on loan type, typical eligibility criteria include:
- Minimum amount of time in business (often at least one year)
- Positive revenue history and growth potential
- Strong personal and/or business credit history
- Clearly defined business purpose for financing
- Adequate collateral assets (depending on loan type)
Our team can help you determine your eligibility and the loan type that best matches your business goals.
Interest Rates and Fees Explained
We take pride in offering competitive interest rates and fair, transparent fee structures. Rates and fees can vary depending on several factors, including:
- Creditworthiness of the borrower
- Type and amount of loan
- Loan duration and repayment terms
- Collateral available for securing the loan
- Market conditions and current rates
Our lending specialists will clearly explain these factors and all associated fees, ensuring there are no surprises at closing.
Flexible Repayment Terms
Your business needs financial solutions that adapt as you grow. We offer a variety of flexible repayment options designed to align with your business’s unique cash flow, including:
- Monthly, quarterly, or seasonal repayment schedules
- Flexible loan maturities
- Options to refinance or restructure existing debt
- Early prepayment options without significant penalty, subject to loan terms
We’ll work closely with you to establish repayment terms that allow your business the freedom to thrive.
Frequently Asked Questions (FAQs)
What information do I need to provide when I apply?
Typically, you’ll provide completed loan applications, financial statements, business and personal tax returns, and additional documentation as required.
How long does the commercial loan process usually take?
The application review and approval typically take between two to four weeks, depending on loan complexity and documentation accuracy.
Can a startup business qualify for a commercial loan?
Yes, startup companies can qualify, although additional documentation such as comprehensive business plans, owner experience, and financial projections may be requested.
Are fixed or variable interest rates available?
We offer both fixed and variable interest rate options. Our lending specialist will help you determine what is the best solution for your situation.
Can I repay my loan early?
Yes, your loan terms usually allow for early repayment. Specific details and any applicable terms will be clearly explained before loan closing.
