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Financial Solutions For Your Business

Open for Businesses. Your business was built on passion and dedication. It's what helps drive it forward. Our passion is supporting the finances for your business. When our passions work together, we can do great things.

Partner with someone who has the resources and dedication to help your business succeed. Whether your company is a startup or a well-established business, Magnifi Financial can help take your business to the next level.

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business owners
business financial solutions

Business

A one-stop shop for your business financial needs providing the right accounts and loans for you.

Business Accounts
Business Loans
Agribusiness financial solutions

Agribusiness

Accounts and loans are available for any-sized and any type of agribusiness.

AG Accounts
AG Loans
Business digital solutions

Digital

Manage your business finances with digital services that help you gain efficiencies and time.

Digital Banking
Business Services
Industry-specific solutions

Industry

Learn about the financial accounts, loans and other solutions best suited for your specific industry.

Industry Solutions

Your Perfect Business Partner

Best of Central Minnesota Winner

We've been voted Best Of Central Minnesota by SC Times Readers 5 years in a row:

  • 2017 - 2020: Best Financial Institution
  • 2021: Best Credit Union

SBA Preferred Lender

We've been designated as a SBA Preferred Lender which means faster decisions and processing for SBA loans. Learn More

Local business team

Our business team is local to the Central Minnesota area. Plus, all account and loans are originated at Magnifi Financial by local staff.

What you need to apply

Click on your business entity type below to learn about the documents and information you will need to apply for a business account at your local Magnifi Financial branch.

Documents needed for a new business account or loan:

  • Primary ID (Driver's License) and Social Security Number for owner and all account signers
  • Designation of Beneficiary form (if applicable)
  • Assumed Name documentation filed with Secretary of State (applicable if operating under a different name than the legal entity.) Must be active and in good standing with the Office of the Minnesota Secretary of State.

Documents needed for a new business account or loan:

  • Primary ID (Driver's License) and Social Security Number for owner and all account signers
  • Articles of Incorporation
  • Assumed Name documentation filed with Secretary of State (applicable if operating under a different name than the legal entity.) Must be active and in good standing with the Office of the Minnesota Secretary of State.
  • Physical address of principal place of business and, if different, a mailing address
  • Beneficial Ownership information (see below)
  • By-Laws
  • Most recent minutes showing who holds what titles

Documents needed for a new business account or loan:

  • Primary ID (Driver's License) and Social Security Number for owner and all account signers
  • Partnership Agreement (if applicable)
  • Assumed Name documentation filed with Secretary of State (applicable if operating under a different name than the legal entity.) Must be active and in good standing with the Office of the Minnesota Secretary of State.
  • Physical address of principal place of business and, if different, a mailing address
  • Beneficial Ownership information (see below)
  • By-Laws
  • Most recent minutes showing who holds what positions

Documents needed for a new business account or loan:

  • Primary ID (Driver's License) and Social Security Number for owner and all account signers
  • Articles of Organization
  • Assumed Name documentation filed with Secretary of State (applicable if operating under a different name than the legal entity.) Must be active and in good standing with the Office of the Minnesota Secretary of State.
  • Physical address of principal place of business and, if different, a mailing address
  • Beneficial Ownership information (see below)
  • Operating Agreement / By-Laws, including a ledger showing ownership percentages
  • Most recent minutes showing who holds what positions

Documents needed for a new business account:

  • Primary ID (Driver's License) and Social Security Number for owner and all account signers
  • Articles of Incorporation (if applicable)
  • Most recent minutes showing who holds what positions
  • Assumed Name documentation (if applicable) filed with Secretary of State (applicable if operating under a different name than the legal entity.) Must be active and in good standing with the Office of the Minnesota Secretary of State.
  • Churches or Religious Society: Certificate filed with the county recorder of the county of its location if not registered with the Secretary of State
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  • Physical address of principal place of business and, if different, a mailing address
  • Beneficial Ownership information (see below)

Documents needed for a new business account:

  • Primary ID (Driver's License) and Social Security Number for owner and all account signers (trustees or settlers)
  • Trust Agreement
  • Trust Certificate (Resolution)
 

Beneficial Ownership

What is the beneficial ownership regulation and why does it matter?
The U.S. Department of Treasury recently issued a final rule titled “Customer Due Diligence Requirements for Financial Institutions” (31 CFR 1010.230) that creates new due diligence obligations for credit unions and other financial institutions. All financial institutions are now required to collect and verify the identities of certain individuals who own or control legal entity customers, including corporations, limited liability companies (“LLCs”), partnerships, and other legal entities. Individuals who own or control legal entity customers are considered “beneficial owners” of that entity. The regulation is aimed at making financial institutions safer for their customers and protecting the country’s financial system.

What is required?
The regulation requires Magnifi Financial to gather the following information from beneficial owners of its new and existing legal entity customers:

  • Name,
  • Date of birth,
  • Current physical residential address or business address, and
  • Social Security Number (or other government issued identification number for non-U.S. citizens without a SSN).

Most U.S. publicly traded entities, regulated entities, and government entities will be excluded from these requirements.

How will the new requirement impact me?
A Magnifi Financial representative may ask to review the following documentation:

  • A document verifying your identity and date of birth, such as a driver’s license or passport. A copy of the identification document may also be requested.
  • A document verifying your current address, if not listed on the document.

While we understand the information requested is personal and sensitive, we need to obtain this information in order to comply with the law. As always, we will treat all information collected with the utmost care.  We appreciate your business and are committed to providing you with extraordinary service for years to come.

Hey, Business Owners!

Ready to get started?

If you're a business owner and are interested in learning more about how Magnifi Financial can help your business thrive, fill out this form and your local Magnifi Financial Commercial Banking Officer will be in touch within 1-2 business days.

Banking for business owners

 

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