For Coralmoor Business Funding, dial (218) 370-3099, or put the basics in writing through the request form on the apply page. Ask about the total repaid, fees, early payoff and what is pledged before signing anything; the worked examples on this page use invented figures. Funding partners review each request and decide.
Questions to ask when getting a business loan, worked through a second crew's payroll in Moorhead, MN
Illustration only, invented figures: a Moorhead, MN contractor adds a second crew with a biweekly payroll of $8,960, and the first job that crew works pays 45 days after it starts. Over 45 days, a biweekly crew collects 3 or 4 paychecks, depending on the first payday's date, which puts $26,880 to $35,840 of wages ahead of that check.
Suppose the offer on the table were $26,880, priced at 11.9% a year for 18 months. That works out to $1,637.95 each month; across 18 months the business would hand back $29,483.10, or $2,603.10 above the principal. Before taking money on terms like that, these are fair questions to settle:
- Counting every fee, how much leaves the account by the final payment?
- Which account do payments come out of, and on what schedule: daily, weekly or monthly?
- Can the payment date line up with when customers pay?
- Does the offer call for collateral, or for an owner to sign personally?
- What does a late payment cost?
Any answer arrives in writing, from whichever funding partner stands behind the offer.
Questions to ask about a business loan's total cost before a Moorhead, MN quick-service restaurant signs
Two offers at the same rate can cost very different amounts once the term changes. That is why the total, and not only the payment, belongs on the list of questions.
Illustration only, invented figures: a Moorhead, MN quick-service restaurant is pricing $21,600 for a fryer line and a reach-in cooler at 11.6% a year. A 24-month schedule asks $1,012.76 a month, $24,306.24 in total. Over 36 months it drops to $713.31, but the total climbs to $25,679.16. Stretching to 36 months trims $299.45 from each payment while piling $1,372.92 more interest onto the total. The fryers' gas hookup is property work outside this site.
| Term | Monthly payment | Total repaid | Interest |
|---|---|---|---|
| 24 months | $1,012.76 | $24,306.24 | $2,706.24 |
| 36 months | $713.31 | $25,679.16 | $4,079.16 |
Ask which fees sit outside the rate, whether any are taken out of the amount funded, and whether the payment can change during the term. Equipment requests are covered on the equipment financing page.
Questions to ask lenders about paying early, from a Clay County, MN auto repair shop's side of the desk
Paying a loan off ahead of schedule can save interest, or it can trigger a fee. The offer documents say which, and they are worth reading before signing, not after.
Illustration only, invented figures: a Clay County, MN auto repair shop borrows $14,700 at 12.3% for 24 months to replace a brake lathe and a wheel balancer. The payment is $694.04. After 12 payments, the shop has paid $8,328.48, of which $1,427.66 was interest, and the remaining principal is $7,799.18. The 12 payments still scheduled would total $8,328.48, so paying off the $7,799.18 balance at that point avoids $529.30 of scheduled interest, less any prepayment fee the offer carries.
- Is there a prepayment fee, and how is it worked out?
- Does early payoff reduce the interest owed, or is a fixed charge due regardless?
- How is a payoff amount requested, and how long is it good for?
- Is any lien released once the balance is paid?
What to have ready before the first call: bid deposits at a Clay County, MN finishing contractor
A bid deposit is cash a contractor ties up when it submits a bid, and it can arrive at a bad moment for payroll. Illustration only, invented figures: a Clay County, MN finishing contractor bids $96,400 on a tile and flooring package, and the bid asks for a 5% deposit, or $4,820.00.
A first call goes further with a few things close at hand:
- The bid amount, the deposit and the date it is due
- When the business first opened its doors, plus what it took in over the last full year
- The payroll schedule and the next few paydays
- A few months of bank statements, should a partner request them
- Balances still owed on other loans or advances
The phone number is (218) 370-3099, and the office is at 104 5th St S, Moorhead, MN 56560. To send the details in writing instead, use the request form.
By Coralmoor Business Funding · Updated
