Business

It is about more than just business banking. At MinnStar Bank, we are committed to taking the time to understand your business banking needs, goals and dreams. We offer a complete selection of financial products and services, backed with a knowledgeable staff that will help your business grow and succeed.

Checking

Business Checking

With a MinnStar Bank Business Checking account you are required to maintain a $100.00 minimum balance to avoid a minimum balance fee and a per debit fee. If the daily balance drops below $100.00 any day of the month, a monthly minimum balance fee of $7.00 and a per debit fee of $0.25 is charged for the entire statement cycle.


Savings

Monthly Passbook Savings

When you have a MinnStar Bank checking account, you are eligible for a Monthly Passbook Savings account, which automatically includes your savings account history on your monthly checking account statement. There is a $25.00 minimum balance required and interest is paid monthly based on the average daily balance. If your daily balance drops below $25.00 any day of the month, a monthly minimum balance fee of $3.00 is charged for the entire statement cycle. There is also an excess debit fee of $1.00 per debit after the first six (6) debits during each monthly statement cycle. The opening minimum balance is $100.00.

Money Market Savings

MinnStar Bank’s Money Market Savings account provides a monthly statement of your savings account history. If you have a checking account with us you are eligible to have your savings account history included on your monthly checking account statement. There is a $1,000.00 minimum balance required and a market rate of interest is paid monthly based on the average daily balance. If your daily balance drops below $1,000.00 any day of the month, a monthly minimum balance fee of $6.00 is charged for the entire statement cycle. This account has a limit of six (6) pre-authorized debits per month. There is also an excess debit fee of $6.00 per debit after the first six (6) debits during each monthly statement cycle.


Business Credit Card

MinnStar Bank offers Business Credit Cards to use for corporate travel, corporate meals or supply purchases.  With 24/7 access to account information you can always be aware of account activity and access account information when you need it—check balances, analyze spending or make payments safely and securely.

For more information contact:

Linda Reid, Lake Crystal
linda.reid@minnstarbank.com


Merchant Services

Boost sales, save time and money, improve productivity and level the competitive playing field with the help of MinnStar Bank’s Merchant Services. We offer easy and simple PCI compliance, backed by the resources and technology to make it more convenient for your consumers. All terminals arrive EMV chip card ready and our equipment leasing program will provide your business with access to new, state-of-the-art equipment every three years at the end of the leasing period.

For more information contact:

Linda Reid, Lake Crystal
linda.reid@minnstarbank.com


Commercial Real Estate

MinnStar Bank offers a variety of Commercial Real Estate programs to assist business owners with purchases, improvements and expansions. Our terms are flexible and our interest rates are competitive to help meet your needs. For more information contact:

Scott Nelsen, Mankato
scott.nelsen@minnstarbank.com

David Thompson, Mankato
david.thompson@minnstarbank.com

Mark Monson, Mankato
mark.monson@minnstarbank.com

Tom Evensvold, Lake Crystal
tom.evensvold@minnstarbank.com


Operating Lines of Credit

MinnStar Bank offers very competitive commercial Operating Lines of Credit to help businesses with day to day operational needs. Our experienced commercial lenders are committed to helping you determine what your business might benefit including financing for supplies, inventory, equipment purchases and more. For more information contact:

Scott Nelsen, Mankato
scott.nelsen@minnstarbank.com

David Thompson, Mankato
david.thompson@minnstarbank.com

Mark Monson, Mankato
mark.monson@minnstarbank.com

Tom Evensvold, Lake Crystal
tom.evensvold@minnstarbank.com


Other Loan Programs

MinnStar Bank works hard to help the greater Mankato Area Businesses secure the financing they need.  MinnStar Bank was ranked in the top 25 among all MN banks for SBA Lending for 2014, as published in the Mpls/St. Paul Business Journal.


Business Spotlight

Dunkin’ Donuts

Dunkin’ Donuts

Dunkin’ Donuts officially opened on March 29, 2017, but MinnStar Bank N.A. worked with Dave Schooff and Oliver Schugel for nearly 18 months prior to make it a reality. “The process from start to finish had multiple steps and many layers. Our ability to work in and around those facets is one of MinnStar Bank’s strengths. It separates us from others,” says Mark Monson, Vice President, MinnStar Bank. “My relationship with Dave goes back a number of years and I think he understood that being a little creative was the key to getting this venture up and off the ground. He and Oliver trusted MinnStar to deliver and we did.” Learn more

Innovation

Equifax Data Breach

Equifax Data Breach

Last week. Equifax, one of the nation’s three largest credit bureaus, disclosed that it was subject to a massive data breach – one of the worst in the nation’s history. By the company’s own admission, the breach affects as many as 143 million Americans or roughly half of the U.S. population. This constitutes a much larger share of Americans with a credit history.

According to the company’s press release, “(t)he information accessed primarily includes names, Social Security numbers, birth dates, addresses and, in some instances, driver's license numbers.” Not only are consumers at risk, but their banks are put at significant financial risk from harm caused by fraudulent loans taken out by cybercriminals. Learn more

Starting Up

Writing a Business Plan

Writing a Business Plan

A written plan for launching and operating your business is essential for success and should be the first step in your new venture. A well-written and prepared business plan should describe the business: its products or services, market, people and financing needs. Learn more

 

Meet the Banker

Karen Ahrenstorff

Karen has been in the banking and finance industry for over 34 years. As a compliance officer, Karen is responsible for keeping up to date with any changes or new banking regulations and implementing changes.

Learn more