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.
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 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!
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!
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.
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.