Financing Your Dreams

Our communities proudly support new and existing businesses through local banks and lending options. 

*This list below highlights popular options, but does not necessarily reflect all potential options. 

Area Banks

Community First Bank

Offices in Sebeka and Menahga

Phone: (218) 837-5171 mm un


Farmers & Merchants State Bank

Office in New York Mills

Phone: (218) 385-2300


Wadena State Bank

Offices in Wadena, Bluffton, and Deer Creek

Phone: (218) 631-1860


Star Bank

Office in Verndale

Phone: (218) 445-5151


TruStar Federal Credit Union

Office in Menahga

Phone: (218) 564-5678

Local Lending


North Central Economic Development Association (NCEDA)

  • Micro-Lending Fund
  • NCEDA Revolving Loan Fund

For more information, contact Stephanie Barney at or call 218-894-3233 ext. 6.

Initiative Foundation

  • Direct Business Loan Fund
  • Technology Capital Fund
  • Green Business Loan Fund
  • Nonprofit Loan Fund
  • Lender Match Loan Fund

For more information, contact Daniel Bullert at or call (320) 631-2013.


Todd-Wadena Electric Cooperative

  • Revolving Loan Fund
  • Great River Energy Economic Development Assistance

For more information, contact the Todd-Wadena office at (800) 321-8932.

West Central Telephone Association

  • Rural Development Loan

For more information, contact Chad Bullock at (218) 837-5151.


Minnesota Department of Employment and Economic Development (DEED)

Whether it's to startup, operate, or expand, MN DEED offers a wide variety of financial assistance to help businesses at every stage. Programs include:

  • Financing Programs
  • Training Grant Programs
  • Tax Credits
  • Finance Guidance
  • Work Opportunity Tax Credit
  • Infrastructure

For further information on each program, please visit their website


United States Department of Agriculture Rural Development

USDA provides funding opportunities for rural small businesses through loans, loan guarantees, and greants. Programs include:

  • Advanced Biofuel Payment Program
  • Biorefinery, Renewable Chemical, and Biobased Product Manufacturing Assistance Program
  • Business & Industry Loan Guarantees
  • Community Connect Grants
  • Distance Learning & Telemedicine Grants
  • Distributed Generation Energy Project Financing
  • Energy Resource Conservation
  • Intermediary Relending Program
  • Repowering Assistance Program
  • Rural Broadband Access Loan and Loan Guarantee
  • Rural Business Investment Program
  • Rural Economic Development Loan & Grant Program
  • Rural Energy for America Program Renewable Energy Systems & Energy Efficiency Improvement Loans & Grants
  • Rural Microenterpreneur Assistance Program
  • Socially-Disadvantaged Groups Grant
  • Strategic Economic and Community Development 
  • Telecommunications Infrastructure Loans & Loan Guarantees
  • Value Added Producer Grants

For more information on each program, please visit their website


Fast Fact Photo

1st in Quality of Life (Forbes, 2017)

Quality of Life
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1st Best State for Women (WalletHub, 2017; Institute for Women’s Policy Research, 2015)

Best State for Women
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Best-Run State in America (24/7 Wall Street/USA Today, 2017)

Best-Run State
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1st in 5-Year Business Survival Rate (Bureau of Labor Analysis, 2012-2017)

Business Survival Rate
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Happiest – and Least Stressed – State in the Country (WalletHub, 2017)

Least Stressed
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2nd Best State Overall (U.S. News & World Report, 2018)

Best State Overall
Fast Fact Photo

Happiest State in the U.S. (MagnifyMoney, 2018)

Happiest State