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Pictured: Jamie Langhorst, Jenny Beach, Shanna Wolf
Woodlands National Bank is located at 240 North Road in Cloquet. Owned by the Mille Lacs Band of Ojibwe as part of their economic diversification program, Woodlands National Bank is headquartered in Onamia, Minnesota, with seven banking locations spanning from Minneapolis northward to serve your needs. The bank was founded in 1908 and is the only minority-owned bank in Minnesota. They are also uniquely designated as a preferred lender and servicer with the U.S. Small Business Administration (SBA), which allows them to streamline the process of reviews and approvals with standard operating procedures in place, reducing other packaging.
While banks generally have similar products for personal and commercial banking, personal relationships and local decision-making in financial needs are what sets them apart. Their staff is trained to think outside the box on options to do things differently than competitors. Their customer base has grown primarily through referrals who have had positive experiences working with the bank.
In 2016 Woodlands National Bank was also named the Minnesota Commercial Lender of the Year with their commitment to putting dollars and jobs into Minnesota. Woodlands strives to partner on deals in the community. A new banking product they are proud to share is the business's fast cash loans ranging from $10,000 - $100,000 for working capital, equipment, and inventory with a simple application and quick turnaround. Criteria for this loan includes, being in business for three years, having a credit score of 690 or higher, revenues over $100,000. Interestingly, applicants don't need to be current customers but do need to be registered businesses in Minnesota.
We met with Jamie Langhorst, Commercial Services Banker, and Shanna Wolf, Commercial Portfolio Manager. They reflected on the COVID-19 pandemic when all banks were closed, except for minority-owned banks in the United States. During the pandemic, staff was contacted by businesses across the country for SBA program aid to weather the business disruptions. The team dedicated long days, often working until midnight and weekends, ultimately approving over 1,000 SBA loans totaling $80 million for businesses nationwide. This also led to the Cloquet office gaining nationwide customers due to their customer service to businesses during the pandemic.
With a gracious and fun working atmosphere, the average staff tenure is eight years, while officer staff tenure is twelve years. Woodlands National Bank allows staff to be active in their communities through volunteerism. Stop into their Cloquet office today to learn about personal and business banking opportunities!
Woodlands National Bank
240 North Road
Cloquet, MN 55720