Cass County EDC Awarded Membership Matching Grant!

Cass Co EDC

Pictured: Chuck Nordquist, Vice President Business Development of MBFC and Jeff Sheldon, Lake Country Power/Treasurer of Cass County EDC.

Cass County Economic Development Corporation (EDC)
Awarded Membership Matching Grant

On Friday, October 2, 2015, Chuck Nordquist presented a membership matching grant from Minnesota Business Finance Corporation (MBFC) for $2750 to the Cass County EDC.  Jeff Sheldon, Manager of Energy Services and Business Development, of Lake Country Power accepted the check on behalf of Cass County EDC.  Sheldon is the Treasurer for Cass County EDC Board of Directors.

MBFC Congratulates Steve Johnson of BankCherokee; FitBit drawing winner!

Minnesota Business Finance Corporation is pleased to announce the winner of the drawing from all the entries received at the MN SBA Lenders Conference on Thursday, September 3, 2015.

Steve.1

Steve Johnson of BankCherokee won a new FitBit fitness tracker! Johnson is thrilled to be the winner and plans to use the FitBit to track his workouts.

Thank you to everyone who stopped by to visit with MBFC at the event and those who participated in the drawing!

There were 56 total entries received and you need not be present to win. Come see us next year!

 

SBA 504 Fee Reduction for FY2016

On September 28,2015, SBA announced a fee reduction for the SBA 504 Loan program effective October 1, 2015. 

This change is applicable to all SBA 504 Loan approvals dated
after October 1, 2015.

2 fees are being reduced:
1.) The one-time Guaranty Fee that SBA charges, which is built into the debenture pricing, is being reduced from 0.5% to zero.  This means overall cost to the borrower is reduced!
ALSO
2.) The annual “Borrower Fee” that SBA charges, which is built into the monthly interest rate, is being reduced from .9375% to .914%.  This will lower the overall effective rate on debentures.
 
Please read attached link to the SBA Information Notice dated September 28, 2015 for more detailed information on the FY 2016 fees in regard to both the SBA 504 Program and the SBA 7a Program
.

MBFC Highlighted at MN SBA Lenders Conference Awards! Top CDC in MN!

Minnesota Business Finance Corporation (MBFC) was recognized as the top Certified Development Company (CDC) in Minnesota at the MN SBA Lenders Conference Awards Luncheon on September 3, 2015.

Nancy Libersky, District Director of the MN SBA office congratulated MBFC on having the greatest dollar volume and highest number of SBA 504 loans for the year and presented Saehr and Kruize with the award honoring their 2015 fiscal year accomplishments.

MBFC is consistently rated in the Top 25 of all 221 CDC’s ranked in the Nation and is honored to have earned this prestigious award.

(Left to right: Mel Boser, Lead Lender Relations Specialist-U.S. SBA MN District Office, Tom Saehr, President & CEO-MBFC, Nadene Kruize, Senior Vice President- MBFC, Nancy Libersky, District Director-U.S. SBA MN District Office)
(Left to right: Mel Boser, Lead Lender Relations Specialist-U.S. SBA MN District Office, Tom Saehr, President & CEO-MBFC, Nadene Kruize, Senior Vice President- MBFC, Nancy Libersky, District Director-U.S. SBA MN District Office)

Still Time To Register For West Central MN’s Lunch and Learn

Minnesota Business Finance Corporation (MBFC), West Central Initiative (WCI) and West Central Minnesota Small Business Development Center (WC MN SBDC) invite you to a complimentary luncheon called Lunch, Learn and Link!

Friday, September 18, 2015

Barry Auditorium, Concordia College-Moorhead, MN

11:30 – 1:00 PM
 

Presentations include the commonly used business assistance programs and resources available in the region. It will be a great opportunity for Lenders and Finance/Consulting Representatives to learn more about the following specific programs:

  • SBA 504 by MBFC
  • SBA 7(a) by WC MN SBDC 
  • Regional Loan Programs by WCI
  • WC MN SBDC Metrics.

Hurry so you don’t miss out! Registration closes on SEPT 15th as space is limited and will fill up quickly! The invitation may be forwarded to others that may benefit from this informative luncheon.

Please RSVP to Sheila by calling (218) 299-3037

Or you may email the following link:  sbdc@cord.edu 

We look forward to seeing you there.

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