Farmers State Bank
The Farmers State Bank, chartered in 1902, is locally owned and independent, FDIC insured and affiliated with the Independent Bankers of Minnesota and the Minnesota Bankers Association. It is a full service bank with over $33,000,000 in assets and liabilities and employs 13 full time employees.
Other Financial Advisers
Stephen enjoys a wide range of professional financial services, from banking to a variety of insurance agencies, CPA's, accountants and tax preparers.
Insurance agencies include Farmers State Bank Insurance Agency, Nelson Insurance Agency and Nyland Insurance Agency.
Accountants and tax preparers include Nelson & Nelson, CPA's and Bazey Tax Service.
Future Fund
The Future Fund was raised by community volunteers to be used as matching funds for the development of industry in Stephen. This fund is administered by the Stephen Economic Development Authority. For more information, call Jim at 478-3801.
Stephen Community Revolving Loan Fund
The Community Revolving Loan is to financially aid in the establishment or expansion of businesses in the Stephen community that will result in new jobs, retain existing jobs, or create new income for the economic health of the area. Any pro-profit private sector business in the community may apply for funding. The funds can be used for land/building purchase, equipment purchase, inventory purchase, professional fees, and/or working capital. The fund is maintained by use of the principle and interest from the past State Economic Development Grant/Loan, any future State Economic Development Grants, principle and interest on revolving loans, and other contributions to the fund.
No loan shall exceed 50 percent of the fund amount or $20,000. The fund is not to be considered primary funding, but used with other financial services. Terms are negotiable. Repayments are made to the City Clerk, who is fund treasurer. Applications are available from the Clerk's office or the Stephen Economic Development Authority.
NETwork Fund
The NETwork Fund is a venture fund by the Northwest Economic Teamwork Organization made up of Blandin Leadership Alumni from Stephen, Warren, Greenbush and Hallock. Venture loans of $5,000 are available to entrepreneurs in Marshall, Kittson and Roseau Counties. for more information call Jan at 478-3535.
For financial assistance or more information, please contact:
Bazey Tax Service...........................478-2757 or 478-2426
City Clerk's Office...............................................478-3614
Farmers State Bank.............................................478-3319
Farmers State Insurance Agency..........................478-3319
Nelson Insurance Agency....................................478-3055
Nelson & Nelson, CPA's....................................478-3055