Business Solutions
Requirements to Open a Business Checking
Business Limited Checking
Business Checking I
Business Checking II Plus Interest
Business Checking III Plus Interest
BUSINESS LOAN SERVICES
Overdraft Protection
Commercial Loans
Commercial Real Estate Loans
Agricultural Loans
SBA Loans
Requirements To Open A Business Checking
- If you are Incorporated, we need a copy of the Articles of Incorporation and a certified copy of your Certificate of Incorporation
- If you are a Sole Proprietor, a Partnership or an Association, we need a copy of the Certificate of Assumed Name filed with the State of Minnesota
- The Minimum Dollar amount to Open a Business Account is $100.00 and/or enough to cover the initial check order
- We are required to have a Federal Tax ID Number to open a Business Account unless you are a Sole Proprietorship
- Ideal account for smaller Corporations, Partnerships, and Sole Proprietorships
- This account is designed for businesses not engaging in many business transactions
- No Monthly Maintenance Fee, if requirements are met
- No Minimum Monthly Balance Requirement
- No Monthly Fees assessed if 10 checks or less are written and 10 checks or less deposited per statement cycle
- Each check processed above the 10 check limit $.25
- Each deposit returned $3.00
- Sensible account for Corporations, Partnerships, and Sole Proprietorships
- Earnings credit based on the 91-day Treasury Bill Rate for the previous auctions. This rate is calculated monthly
- Each check processed $.15
- Each deposit made $.40
- Each On-Us check deposited no charge
- Each Local check deposited $.08
- Each Transit check deposited $.12
- Monthly maintenance fee $8.00
- Each deposit returned $3.00
- Drawing on uncollected funds Prime+3%
- Any service charge of $.36 or less will be waived
- Note that the fees are based on actual use. You only pay for the service your account activity requires
Business Checking II Plus Interest
- Restricted eligibility to Sole Proprietorships and most Nonprofit Organizations
- Nonprofit Organizations include: Philanthropic, Fraternal, Charitable, and Educational groups, as well as Trade Associations, Labor Unions, and Independent School Districts
- No minimum opening balance
- Each dollar earns the highest rate allowed by law, calculated on the collected balance each day and is credited to your account each month (variable rate subject to change at any time)
- Each check processed $.20
- Each deposit made $.40
- Each On-Us check deposited No Charge
- Each Local check deposited $.08
- Each Transit check deposited $.12
- Monthly maintenance fee $6.00
- Each deposit returned $3.00
- Drawing on uncollected funds Prime+3%
Business Checking III Plus Interest
- Offered to owners of Sole Proprietorships, Nonprofit Organizations, and Government Entities
- This account offers liquidity, you may write as many checks and make as many withdrawals as you like
- Federal regulations prohibits this type of account for Corporations and Partnerships
- $2,500.00 minimum balance allows you to earn interest at the high market rate, if balance falls below the $2,500.00, you still earn interest at a tiered rate (variable rate subject to change at any time)
- Each check processed $.20
- Each deposit made $.40
- Each On-Us check deposited No Charge
- Each Local check deposited $.08
- Each Transit check deposited $.12
- Monthly maintenance fee $4.50
- Each deposit returned $3.00
- Drawing on uncollected funds Prime+3%
Citizens State Bank of Shakopee offers no annual fee overdraft protection (Citizens Reserve Account). You will feel secure about your account knowing that should your account balance become negative you will be able to avoid costly overdraft charges, up to the established limit. The Citizens Reserve Account is tied to your checking account and will automatically be advanced into your checking account in $100 increments, should your checking account become overdrawn. Subject to credit approval.
Citizens State Bank of Shakopee believes in supporting businesses of all sizes in and around our community. We offer personalized service and loans tailored to fit your specific business needs, offering competitive rates and flexible terms. Citizens State Bank of Shakopee specializes in working capital lines of credit, equipment financing/term loans, letters of credit and asset based loans. Subject to credit approval.
Citizens State Bank of Shakopee will assist you and your business in the purchasing, building, or refinancing of commercial real estate. You may also choose to borrow against the equity in existing commercial real estate to assist with cash flow or with the purchasing of new equipment/supplies. Our business lenders are looking forward to assisting you with construction loans, land development loans, owner occupied property loans or investment property loans. Subject to credit approval.
Citizens State Bank of Shakopee understands the importance of agriculture to our community and to our state. You can expect personalized service from our lenders, along with competitive rates and loans tailored to your unique agriculture needs. We offer real estate, machinery and equipment, livestock, grain and feed, and crop input loans. Subject to credit approval.
Citizens State Bank of Shakopee works with the SBA to provide your small business with financing for working capital, commercial real estate, machinery and equipment and/or business acquisitions. Contact a Citizens State Bank of Shakopee lender for more information on how to obtain an SBA loan. Subject to credit approval.