Medical Alley. The Silicon Valley of Healthcare. Land of 10,000 Medical Device Firms (Give or Take). The Twin Cities are known as all these.
Deservedly so. We’re the birthplace of open-heart surgery, robotic surgery, the heart transplant, and the wearable pacemaker. It’s no coincidence that we’re also home to juggernauts like 3M, Boston Scientific, Medtronic and U of M, and the wizards of the Mayo Clinic are practically just down the street.
How did this particular patch of earth become the crown jewel of the medical world? Big brains. Big talent. Big cooperation. Big love for thy fellow man. And above all else, big imagination. It seems a singular facet of the Minnesotan ethos is to divine opportunity where others perceive only the impossible; that the strings of convention don’t stretch all the way out here.
First Western Bank shares that spirit. Their steadfast support for forward-thinking entrepreneurs has helped grow their financial institution from its inaugural location in Minot to 19 branches spanning four states in only a few decades. And in Eden Prairie, which is unquestionably the nicest and best part of the Twin Cities, First Western Bank’s attention is driven on those most innovative go-getters of all.
“Medical device and technology companies are a big part of Eden Prairie’s bright future,” said David Thompson, market president. “We thank our friend Pat MulQueeny with the chamber of commerce for making that plain to us. He also explained how such businesses tend to attract one another. In close proximity, they can more easily share the ideas, employees, and customers they need to grow faster together. ‘Establish a core number of med tech companies right here in town, and more are bound to follow,’ Pat said.
“And you know what? Our community bank would very much like to find itself surrounded by numerous thriving med tech companies. Call it self-serving, if you like, but we think that’s forgivable when it serves everyone else all around us!”
“We had a great head start,” said Tony Seipp, vice president of commercial lending. “Our complete suite of commercial banking and lending services is already perfectly suited to any entrepreneur’s needs, regardless of their business’s size or industry. Our only real remaining challenge had been to fully understand med tech entrepreneurs’ unique needs – to ‘learn their language,’ as it were.”
“If I may clarify,” David interjected. “Although Tony and I have learned a great deal from conversations with our clients, we haven’t learned their language to quite the extent where we understand the intricate workings of state-of-the-art medical technology.”
“That’s true,” agreed Tony. “Our med tech clients probably wouldn’t want our help designing heart implants. But when it comes to matters of money, we’re right there on the same page. We know how their cash flow, revenue cycle, and payables and receivables work. We get that their industry is perpetually changing, and how considerably smaller businesses can be influenced by market leaders and FDA regulations. We understand what they need out of their lines of credit, and tailor their best solutions in turn.”
“Med tech entrepreneurs have to buy extraordinary things,” David added. “That starts with their headquarters, which typically must combine office, laboratory, manufacturing, and warehouse spaces. Real estate that already meets those parameters is in rare supply and low demand, which is why conventional lenders typically balk at financing such buildouts.”
“But not us,” said Tony. “Years of hands-on experience have taught us how to valuate the unvaluable. Whereas the average lender might view an extremely specialized software program, a piece of machinery with an incomprehensible application, or a cleanroom that has virtually zero use to the vast majority of other businesses as intrinsically worthless, we appreciate those investments for what they actually are: opportunity, and another step toward making Eden Prairie into the linchpin of Medical Alley.”
“First Western Bank has always prided itself on being a community bank,” said David. “We don’t see our clients solely as clients here. They are also our neighbors, whose character, backgrounds, and aspirations can’t be measured against a balance sheet. We take the time to get to know them, and apprehend the support they’ll need to achieve success. And once they have, we’ll count ourselves fortunate to remain at their side.”
Is your business poised to revolutionize the healthcare or medical technology industry? Don’t waste a second trying to explain your vision to bankers who don’t share it. Call (952) 516-7300 to schedule a sit-down with First Western Bank’s commercial financing experts at 100 Prairie Center Drive, Eden Prairie.
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