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Ask The Expert - December 2022

by Stacy Wise | Dec 14, 2022

Business Loan Basics

Business Loan Basics


Written by Andrea Klinedinst, Compliance Assistant


A lot goes into running a business. From running startups to long-standing businesses, you may find that you have a need for financing, whether to buy equipment or to open an operating line of credit. But how do you know which is the best business loan for you, and how do you get started? Doug Tindall, Vice President and Commercial Loan Officer at our Lewistown Banking Center, answered these questions and more to help you on your way toward business financing.


What types of business loans does MNB offer?

Doug Tindall (DT): MidAmerica offers a variety of different business loans including business startup loans, operating lines of credit, and term loans for business expansion. The difference between these loans comes down to purpose. The structure of all these loans will be different based on customer needs. 


How do you decide which kind of business loan you need? 

DT: Anyone who is considering a business loan and isn’t sure what kind of loan they may need, can come in and sit down with any of our commercial loan officers to discuss their needs. Our loan officers are experienced and enjoy helping customers find the best fit for their business. 


What do you need before starting an application? 

DT: This can vary depending on what type of loan you are applying for, but as a general rule, we would like to see a personal financial statement, a business plan (if your business is a startup), and past financial results. When these items are collected, your loan officer will help you determine what additional information is necessary to complete your application.


How can you apply for a business loan with MNB? 

DT: The easiest way to apply for a business loan is to sit down with one of our loan officers and discuss your business operation and your goals. Technology allows us to communicate in various different manners, but there is no substitute for an in-person meeting with one of our experienced loan officers to determine the best path forward for your business. 


What makes MNB the best choice for a business loan? 

DT: MidAmerica is a locally owned community bank that cares deeply about the success of our local business owners. The connection of our employees and our shareholders to the communities we serve, along with the experience of our staff and the service you will receive throughout your relationship with MidAmerica is what sets us apart from any other financial institution. 


More than anything, you should know that MidAmerica is here to help make your dreams come true and help you reach your financial goals. We are your bank for life, no matter how big or small your dreams may be!


If you have any questions about business loans, schedule an appointment online or give us a call at 877-647-5050 to speak with one of our loan officers today!




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