From low cashflow to unexpected costs, a line of credit can keep your business afloat or running smoothly.
A revolving line of credit can be used when there are unforeseen expenses or to transfer money to an over-drawn checking account. While your line of credit is in the draw period, you'll be able to withdraw funds and make payments. Since it's a revolving line of credit, you'll be able to withdraw funds again and again as you repay them. A local and dedicated Commercial Banking Officer will work with you to determine the right terms on a line of credit for your needs.
In addition, Magnifi Financial partners with several agencies to obtain GAP financing and low-cost solutions for your business' needs. Participation with these agencies help provide cost-effective solutions to your business. Some of the agencies Magnifi Financial participates with include:
- Small Business Administration (SBA) - Click here to learn about our SBA Preferred Lender status
- The Initiative Foundation
- Local Economic Development Associations
- US Department of Agriculture (USDA)
As the largest commercial-lending credit union in Minnesota, we are able to provide our business members with low loan rates.
Magnifi Financial has a variety of terms available for a business line of credit so that the credit amount and repayment terms fit your needs.
Use Over and Over
As a revolving line of credit, you can use the borrowed funds over and over. Pay down your account, then use the funds on another project.
Your Options Are Endless
Many businesses use fixed-term loans for the following purposes.
Office supplies or
Covering seasonal cashflow
Fund emergency costs
Fill out our online form with some information about your business and the products or services of interest. Your local Commercial Banking Officer will be in touch within 1-2 business days.
Locate a Branch
You can open a business account or loan at any Magnifi Financial location. Each location has a designated Commercial Banking Officer, but we recommend you call ahead to make an appointment.
We have a dedicated phone line for business members which will help you reach someone who can help faster and save you precious time.
Business and Commercial Loan Options
Check out some of the other business loan options available with Magnifi Financial
Join the Magnifi Family!
At Magnifi, you're not just a member-owner of an award-winning credit union, you become part of the Magnifi family and receive all the benefits and perks you need to succeed financially.