Erik Stegemann has been promoted to Credit Manager/Officer at Merchants Bank Equipment Finance (MBEF), according to Corey Hothan, Vice President of Operations.
“We are incredibly proud to recognize Erik’s dedication and contributions to the MBEF team. His commitment to excellence and ability to consistently deliver outstanding results makes this promotion truly well-deserved.” said Hothan. “We expect Erik to be an asset in the years to come allowing us to provide our customers with the high-quality service they deserve.”
Stegemann has been with MBEF since 2017, when he joined as a Credit Analyst. He was promoted to Credit Officer in 2022 and Senior Credit Officer in 2024. Stegemann will continue to put his over 15 years of experience in the financial industry to work for MBEF clients in this important leadership role. As Credit Manager/Officer Stegemann will lead and manage credit staff, support operations staff and collaborate directly with clients.
“The culture at Merchants has been a driving force of why I love working at MBEF, whether it be in the office or out helping with a community event. I am excited to continue collaborating with the team here and provide solutions that contribute to our client’s success in my new role,” said Stegemann.
Stegemann has a Bachelor of Science in Finance from Minnesota State University, Mankato. He is also an active community volunteer, participating in various service projects through MBEF and Substance Church.
MBEF primarily provides equipment lease and loan financing options to businesses throughout the U.S. MBEF finances tangible assets over terms of 2 to 10 years on equipment with values generally ranging from $50,000 to over $10 million. MBEF serves many industries, including construction, transportation, healthcare, manufacturing, food and agriculture.
Merchants Financial Group, Inc. (MFGI), the parent company for MBEF and which also owns more than 20 Merchants Bank locations in Minnesota and Wisconsin, has more than $2.7 billion in assets and is one of the largest independent financial organizations in its region. Merchants Bank is a Member FDIC. Loans are subject to credit approval.