Business Loans

Lake Elmo Bank provides new or established business owners a full range of loan services and products to meet the needs of a growing business. Decisions are made quickly by experienced, local bankers who listen and provide a personal touch in knowing you and your business.

  • SBA Guaranteed Loans
  • Working Capital Lines of Credit
  • Accounts Receivable and Inventory Financing
  • Equipment Loans
  • Vehicle Purchases
  • Acquisition and Development Loans
  • Construction Loans
  • Commercial Real Estate Loans
  • Letter of Credit

Our knowledgeable lending officers take time to learn about your business, listen to your needs and develop a plan with you. We are a bank committed to our tradition of service.


Noted below are typical items necessary for us to become familiar with your business. The list is not meant to be all inclusive, but will provide us with a good starting point:

  • A description of your need or business plan (include two years of financial projections for loans over $100,000.00).
  • A recent personal financial statement.
  • Three years of business and personal tax returns.
  • A most recent interim balance sheet and income statement.

Other items that may be required, based upon the scope of the loan relationship, are as follows:

  • Invoice for items being purchased.
  • List of aged account receivables/payables.
  • List of machinery and equipment reflecting market and book values.
  • Purchase agreement for property being purchased.
  • Rent roll and operating statements (three years) for income oriented property.
  • Appraisal of property to be purchased/built (bank must order).
  • Environmental reports available on property being purchased.

Contact Us

Ryan Benson

Stillwater Office

JoAn Hoffmann

Oakdale Office

Nate Mears

Lake Elmo Office

Robert RavelingRob Raveling
Oakdale Office

IMPORTANT:  The personal email addresses provided for staff on this page are not a secure form of communication. Please do not include any personal information (i.e. Social Security Number, account number, date of birth etc.)  For your security, please contact the Bank directly at 651.777.8365 or stop by one of our locations with questions about your existing account.

COVID-19: Effective November 23, 2020 - Lake Elmo Bank will be closing all bank lobbies to an appointment-only basis. We continue to be here to meet all of your banking and financial needs. Click here for more information