Would your business or farm like to expand, purchase new equipment, acquire more real estate, or increase inventory? You may think those are just dreams during this challenging pandemic, but we are here to help make those dreams a reality!
We are proud to introduce Community Investment Loans. These loans are designed to assist you, our local businesses and farmers. The program offers a 1.95% interest rate fixed for the first year, with the rate adjusting to float with the Wall Street Journal Prime Rate (currently 3.25%) following the first twelve months.
Community Investment Loans are available to any local business and farmer, no matter where you bank. All participants are expected to maintain their primary deposit account relationship with CBO. Existing CBO loans are not eligible for refinance into this program, however borrowers may refinance debt not currently held with our bank. Loan funds may be utilized for most business and farm purposes that are repaid with regular term payments, including equipment, inventory, or real estate purchases. The first payment will be delayed for 90 days as another tool to help borrowers manage their cash flows. Operating lines of credit are not eligible under the program. Existing bank loan underwriting standards will apply.
For more information or to apply for funding for your eligible small business or farm, please contact loan officers Steve Grams, Jeff Goergen, or Tim Kluender by calling (507) 455-2265 or go to our Community Investment Loans page to get started.