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Central Lakes College
Small Business Development Center
MBFC invests in the future of the small-business community.
Certified Development Company:
Minnesota Business Finance Corporation
Location:
Brainerd
Client:
Central Lakes College Small Business Development Center
Case Study:
$250,000 MBFC
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"It (the grant) will provide entrepreneurs, who often face difficult challenges getting traditional bank loans, with another outlet to bring their imaginative products and services to the market,” said CLC SBDC Regional Director Greg Bergman.
The grant will be matched dollar for dollar with state and federal funds and thus generate a total of $500,000 for small business development in the north-central region covering Aitkin, Cass, Chisago, Crow Wing, Isanti, Kanabec, Mille Lacs, Morrison, Pine, Todd and Wadena counties.
The grant will expand CLC SBDC counseling services for area firms seeking financial assistance. Funds will be used to provide training to CLC SBDC counselors to help process low-interest, fixed-rate SBA 504 loans for area entrepreneurs and business owners. The CLC SBDC will hire another counselor to help business owners apply for SBA 504 loans.
Authorized by the SBA to develop 504 loans, the MBFC has approved loans on projects totaling $183 million to businesses in the 11-county, north-central region. Many of these loan applicants received business consulting assistance from the CLC SBDC, one of nine regional small business development centers located in Minnesota.
According to Alexandra Blum, president and CEO of the MBFC, these loans retained 1,394 jobs that would have otherwise been lost due to proposed business closures or relocations. They also created 1,655 new jobs. “The north-central lakes area is currently undergoing a growth boom,” said Blum. “It is critical that the momentum be maintained by generating advantageous financing for local businesses.”
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