Newly expanded Quick Turn Loan product adds options for businesses and banks

For more information
about Quick Turn Loans or any of the other Northland Foundation financing products, contact John Elden, Director of Business Finance, or Kurt Johnson, Senior Loan Officer.

In 2012, Northland added Quick Turn Loans to its toolbox of financing products, which already included direct loans, loan guarantees, lines of credit, and more.

The primary advantage of Quick Turn loans, which are made in partnership with the borrower’s bank, is their expedited approval timeframe. Decisions typically are made within a few days of Foundation staff receiving the necessary project information from a borrower’s bank. (This is a bank-driven program, and an applicant business must work with their bank to initiate a loan project.)

This March, the Board of Trustees voted to expand this increasingly popular lending tool, in order to cover a wider variety of borrower needs. Businesses may now qualify for loans up to $100,000 to purchase not only machinery and equipment but also land and building, construction, leasehold improvements, rolling stock, and computers and related software.

Quick Turn also can provide working capital loans, with the collateral provided by existing fixed assets, as well as refinancing of existing assets as needed to enhance cash flow to grow or sustain the business.