Business Loans

White Earth Investment Initiative’s Business Loan Department offers a number of loan products, services and programs to all businesses on the White Earth Reservation and Native-owned businesses throughout Minnesota. We aim to promote positive community development through the formation and growth of these businesses.

WEII originates commercial loans from $25,000 to $500,000 for business expansion, commercial real estate, commercial lines of credit, equipment loans and other purposes. WEII will consider larger loans and loans for up to 100 percent of project costs for mid-sized businesses expanding their operations, consolidating their commercial debt, and other purposes. In most cases collateral and owner’s equity is required.

Business Loan Checklist

Here are some of the documents and financial information that we’ll need to start processing your loan application:

All Applicants

  • Business name (including legal name and assumed name, if any)
  • Owner’s name
  • Type of business (e.g., Individual, LLC, S Corp, Non-profit, Partnership, etc.) – make sure to include proper documentation such as federal and state tax ID numbers
  • Brief written description of your project or business plan
  • Two years of financial projections – WEII recommends using a Small Business Development Center (SBDC) to prepare the projections, however, the applicant may do so themselves
  • Amount of requested loan
  • A list of what the funds will be used for (e.g., real estate, new construction, addition, equipment, etc.) – Contractor quotes or purchase estimates will be needed
  • Type and source of equity for the project – Typically, 20% equity is required, however, it can vary based on the specific project
  • A list of collateral
  • Personal resumé of each business owner or officer
  • Personal financial statement of each business owner or officer
Additional Documents Needed For Existing Businesses
  • Tax returns for the past three years
  • Financial statements of the past three years
  • Current balance sheet and income statement
  • If business is incorporated, we will need copies of the following:
    – Articles
    – By-laws
    – Certificate of good standing
    – List of shareholders and/or board members
    – Names of any DBA’s (Doing Business As)

If the loan application is approved, the following items must be presented before closing:

  • Evidence of life insurance on the principal business owner for the amount of the loan
  • Appraisal on the real estate to be pledged or purchased
  • Clear title for any real estate that is to be pledged or purchased
  • Any other conditions specific to your particular loan – your loan officer will discuss with you any other items that you may need