A Look Into The Top Industries In Minnetonka

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Minnetonka is a suburban city located in the Hennepin County, eight miles west of Minneapolis. It is one of the best places in the state to look for a job or start a business with its robust roster of big corporations and small businesses. The city also boasts of a low unemployment rate of 4.3 percent.

The top industries in Minnetonka are retail and wholesale trade, health care, and travel, hospitality, and tourism. Minnetonka is home to industry giants such as Cargill, an international food conglomerate ranked by Forbes as “the single largest private company in the U.S.” The UnitedHealth Group, a preeminent healthcare organization ranked six in the Fortune 500 list, is also headquartered in Minnetonka. Other distinguished companies providing employment and business opportunities in the city include SuperValu, St. Jude Medical, and Carlson.

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In addition to these corporations, Minnetonka also houses a significant number of small businesses. There are over 200,000 small businesses in the city, which indicates a lively entrepreneurship environment in the community. According to personal finance website NerdWallet.com, the city of Minnetonka has the fourth highest rate of businesses per 100 people in the state of Minnesota.

The city of Minnetonka offers plenty of opportunities for both job seekers and entrepreneurs. Its proximity to downtown Minneapolis is also a great advantage for the thriving suburban city.

Read more about the city of Minnetonka by following this Facebook page for Steve Liefschultz, Equity Bank, chairman and CEO. Equity Bank is a finance company specializing in investment lines of credit and real estate loans in Claremont and Minnetonka in Minnesota.

Brimming with History: Best Landmarks to Visit in Minneapolis

There are numerous modern attractions in downtown Minneapolis, from stadiums and bars to restaurants and shopping centers. The city is hip and thriving and is a massive hit among millennials. However, despite its contemporary style and lifestyle, the city still believes in the preservation and conservation of historical landmarks. So, if the traveler is fond of exploring places with great stories behind them, then he can never go wrong with strolling the streets of the Twin Cities.

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1. Mary Tyler Moore Statue TV show fans will absolutely love this place, which is a definite must-see. The statue, which was built in 2002 and located in the Minneapolis Visitor Information Center at 505 Nicollet Mall, depicts the iconic “hat-throwing” scene done by Mary on her show “The Mary Tyler Moor Show.” Most of the scenes in the show that ran from 1970 to 1977 were shot in downtown Minneapolis.

2. Stone Arch Bridge The Stone Arch Bridge was built in the 19th century. Now, it has become a sightseeing favorite for tourists because of its impressive traditional architecture. James J. Hill built the bridge as a passageway for his trains to cross the Mississippi River. Now, the bridge is almost entirely for pedestrians—runners, bikers, and tourists.

3. Foshay Tower Fans of historical architecture will absolutely love this tower because it was the very first skyscraper to be built in Minneapolis. It was constructed way back in 1929 and is the tallest building between Chicago and the West Coast. The 447-feet high building got its inspiration from the Washington Monument.

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Planning to visit, live, or establish business in Minneapolis? Subscribe to this blog for Steve Liefschultz, Equity Bank CEO.

The Best Places To Start a Small Business In Minneapolis

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Minneapolis has been ranked the fourth best place to start a new business, according to a 2014 report by personal finance website, NerdWallet. The city does not only have a remarkable economy and highly educated workforce, it also boasts of low unemployment rates and a variety of business assistance services that turn startups into success stories. Additionally, the city offers a variety of financing programs for business owners and has one of the lowest business taxes in the country.

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The suburban city of Minnetonka has the fourth highest rate of businesses per 100 people. It is home to well-known and established companies such as Cargill, a company providing food, agriculture, and financial industrial products and services. In 2014, the company was ranked as the single largest private company in the country. Minnetonka also houses the headquarters of the UnitedHealth Group, a leading healthcare company ranked 14 in the Fortune 500 list.

Eden Prairie is another great city for business startups. The city boasts of high average revenue per business, low unemployment rate, and high percentage of businesses with paid employees. Roseville is also included in the list, boasting of a low 2.8% of unemployment rate and low business taxes for the Minneapolis-Saint Paul area.

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With all these factors considered, it is no wonder Minneapolis is the perfect place for a budding entrepreneur to start a business.

Equity Bank offers expert services in investment lines of credit and real estate loans. Based in Minnetonka, MN, the company helps clients in their agricultural, real estate, and business needs. Learn more about the company and its services through its official website.

Obtaining a Real Estate Loan with Bad Credit

The speed and ease in which a person’s real estate loan is processed are based on credit score. If a person has an excellent credit rating, the process is significantly reduced. On the opposite end, having a bad credit score could potentially delay a person’s application by months, if not, years. This often overlooked factor has been the detriment to several hundreds of applicants. This is why banks and other financial institutions continuously stress the importance of prevention; proper management of one’s finances and bank transactions should be maintained. That said, obtaining a real estate loan with bad credit – while difficult – is not impossible.

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One can improve his or her odds by providing financial documents that prove economic stability. This could be a statement of rental payment or even credit card bills that have been paid on time. Bad credit scores are the results of past negligence. Applicants must be able to show that these mistakes will not be repeated in the future. It is suggested that at least 12 months’ worth of timely and proper payment be received and noted.

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Applicants must also explain their low score. Lenders are more forgiving for a low rating due to understandable factors such as medical bills or student loans. The key is to not to be perceived as a risky investment. One must remember that financial groups are extremely protective of their assets and will most likely provide a loan to an individual who is capable and willing to return their investment.

Steve Liefschultz is the CEO of Equity Bank, which deals with various investment lines of credit and real estate loans. Learn more by liking this Facebook page.

Fixed-rate and Adjustable-rate Mortgage Loans: Information for first-time Homebuyers

Before embarking on the home buying process, knowing more about the different mortgage types available and their advantages and disadvantages can help buyers make an informed choice.

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Fixed-rate mortgage loans, as the name implies, have an interest rate that remains unchanged throughout the entire repayment period. Repayment periods for fixed-rate mortgage loans typically come in 10, 15, and 30-year terms. Thirty-year term fixed-rate mortgage loans are the most popular because the monthly mortgage loans are much lower. All fixed-rate mortgage loans are fully amortized, with the money paid to go toward interest costs and to pay off the loan principal. Because the amount they need to pay never changes, many buyers find it easier to budget around their monthly payments. One disadvantage though of fixed-rate mortgage loans is their relatively higher interest rates compared to other loan types.

Adjustable-rate mortgages (ARM) have interest rates that typically start low but are periodically adjusted according to an interest index and the margin agreed upon by the lender and the borrower. As such, mortgage payment can vary. ARMs can be attractive to first-time homebuyers, but it should be noted that the lower initial payments come with the risk of drastic changes in interest rates.

Hybrid ARMs are a popular type of ARM. With hybrid ARMs, there is a period in which the interest rate does not change. Once the fixed-rate period ends, the interest rate is adjusted based on the index and the margin. Fixed-rate periods can be as short as three years and as long as 10 years. A 10/20 hybrid ARM will then have a fixed period of 10 years where the interest doesn't change, followed by a floating period of 20 years, during which the interest rate can fluctuate.

Many real estate experts recommend ARMs to those who plan to sell their homes after the fixed rate period is over, while fixed-rate mortgages are typically advised to those who plan to keep their homes for the duration of the repayment period.

Other popular types of mortgages include government-insured loans such as FHA loans, VA loans for members of the US military and their families, and USDA/ RHS loans for rural borrowers.

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Buying a home is an important life decision. Homebuyers are encouraged to research their mortgage options carefully with the assistance of a trusted mortgage banker.

Steve Liefschultz heads Equity Bank of Minnetonka, a locally-owned financial firm. For more real estate news and articles, like this Facebook page.

Minneapolis And St. Paul Real Estate Market: a Year In Review

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The recovery of the real estate market in the Minneapolis and St. Paul area has just begun. The Minneapolis Association of Realtors (MAAR), an organization that provides research and a solid foundation for the real estate market in Minnesota, reveals a steady sales increase of luxury homes in the region in 2015.

According to the MAAR, the sales of upper-end homes had climbed to 491 by the end of October with 35 additional upper bracket homes sold in November alone. The sales record is higher compared to the unprecedented real estate boom in 2005, which recorded the purchase of 453 upscale homes in the St. Paul and Minneapolis real estate market.

Major factors such as employment play a key role in the real estate market's long-term stability. According to the Bureau of Labor Statistics, the Twin Cities rank among the top metropolitan areas with lowest unemployment rate in the country.

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Meanwhile, a study from the University of St. Thomas shows that the Twin Cities housing market is getting close to where it was prior to the global financial crisis several years ago. Due to the high demand in the housing market, experts believe that 2016 could even be better with a 6 to 8 percent increase in median home prices.

Despite the potential for an interest-rate adjustment and other factors, 2015 has been a positive year for the Minneapolis and St. Paul real estate market and it can even get better next year.

Steve Liefschultz is the CEO and chairman of Equity Bank, a Minnesota-based financial company that specializes in investment lines of credit and real estate loans. Follow this Twitter page for more updates in real estate.

Three Of the Best Suburbs in the Minneapolis Area

With nearly a 4 million residents, Minneapolis is considered one of the largest and busiest metropolitan areas in the United States. On the outskirts of the metropolis, however, lies a wide range of residential communities known as suburbs.

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Compared to inner-city neighborhoods, suburbs are typically much denser, peaceful, and spacious. On its list of the “50 Best Suburbs in America,” Business Insider ranks the following as three of the best suburbs in the Minneapolis area:

Arden Hills, Minnesota. Situated eight miles north of the Twin Cities, Arden Hills is one of best suburban places for workers. In 2014, Arden Hills was listed among the top employers in the area with an average median household income of $79,208.

Edina, Minnesota. Edina residents earn a median household income of $84,251. Average commute time to Minneapolis is 20.4 minutes. The suburb, which is recognized for its tight-knit community, is home to 40 award-winning public parks, which incorporate amenities such as basketball and tennis courts.

Eden Prairie, Minnesota. The bedroom suburb, which sits 12 miles southwest of downtown Minneapolis, is one of best places to work, providing residents a median annual household income of $93,828. The place is home to many large lakes and ponds.

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For those who plan to live near the Minneapolis–Saint Paul area, these suburbs are highly recommended.

Steve Liefschultz is the chairman and chief executive officer of Equity Bank, a Minnesota-based finance company that specializes in investment lines of credit and real estate loans. Follow this Twitter account for more updates about the company.