National ATMsFinancial 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.
Business
A one-stop shop for your business financial needs providing the right accounts and loans for you.
Business AccountsBusiness Loans
Agribusiness
Accounts and loans are available for any-sized and any type of agribusiness.
AG AccountsAG Loans
Digital
Manage your business finances with digital services that help you gain efficiencies and time.
Digital BankingBusiness Services
Industry
Learn about the financial accounts, loans and other solutions best suited for your specific industry.
Industry SolutionsYour Perfect Business Partner
Central Minnesota's Community Choice Awards celebrates Central Minnesota’s top choices for where consumers like to do business. Magnifi Financial was voted Best Credit Union/Financial Institution for 8 running years.
We've been designated as a SBA Preferred Lender which means faster decisions and processing for SBA loans. Magnifi Financial has been designated as the leading credit union for SBA loans by the Minnesota SBA Office year after year.Learn More
We have dedicated Commercial Banking Officers for every branch location. Plus, all accounts 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
- 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.
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.
