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 overdrawn 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 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
- The Initiative Foundation
- Local Economic Development Associations
- US Department of Agriculture (USDA)
Competitive Rates
As the largest commercial-lending credit union in Minnesota, we are able to provide our business members with low loan rates.
Flexible Terms
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 Equipment
Covering Seasonal Cashflow Gaps
Marketing Campaign
Purchase Inventory
Equipment Repairs
Fund Emergency Costs
Get Started
Click here to learn more about what you'll need for your new business account.
Get In Touch Online
Fill out our online form with some information about your business and the products or services of interest. Your local Commercial Officer will be in touch within 1-2 business days.
Visit in Person
You can open a business account or loan at any Magnifi Financial location. Each location has a designated Commercial Officer, but we recommend you call ahead to make an appointment.
Call Us
We have a dedicated phone line for business members, which will help you reach someone who can help faster and save you precious time.