It appears, given the current rate of SBA 7(a) loan approvals, the SBA 7(a) program may be shutting down soon for the remainder of the fiscal year. Realistically, once the program is up and running again, there will be quite a backlog of SBA 7(a) applications.
Let MBFC Help!
Timing is everything. NOW is the time to utilize MBFC and the SBA 504 Loan Program for your fixed asset financing needs. Let your borrowers take advantage of the long term, fixed rates the SBA 504 Program has to offer! The SBA 504 rate environment is attractive with the current 20 yr. effective rate at 4.96% and the 10 yr. effective rate at 4.33%. Turnaround time is great, with SBA typically approving our applications in 4-5 business days.
Give one of our Business Development Officer’s a call today!
SBA 504 LOAN PROGRAM FULLY FUNDED!
The 2015 Minnesota Lenders’ Conference will be held on Thursday, September 3rd from 8:00-5:30 p.m. at the Marriott Minneapolis Northwest in Brooklyn Park.
Small business loans financed through the SBA provide needed access to capital for start-up and existing small business owners across Minnesota.Â Today more and more small businesses need capital to support their growth and create jobs. The SBA loan programs should be a key part of every lenderâ€™s strategy.Â They are a proven tool for attracting new customers with competitive loans for business expansion and working capital needs.
Take this opportunity to learn how to maximize your organizationâ€™s participation in SBAâ€™s lending programs and build your network of SBA program and industry experts.
For more information on the event or to register click: 2015 SBA MN LENDERS CONFERENCE
|MBFC’s Nomination Wins SBA Award!
The U.S. Small Business Administration, Minnesota Small Business Development Centers and the SCORE Association presented the 2015 52nd Annual Small Business Awards on Thursday May 7th as part of the National Small Business Week.
Michelle Mueller, Vice President of Minnesota Business Finance Corporation (MBFC) nominated Aggressive Hydraulics, Inc.of East Bethel, MN and they were selected as a Small Business Excellence Award recipient. Criteria for this award is response to adversity, service to their community, growth, longevity and innovation of products and services.
Aggressive Hydraulic was founded 13 years ago by seven skilled industry individuals who believed they could deliver a product that could compete with overseas factories. They engineer, manufacture and repair mobile hydraulic cylinders for heavy equipment in the construction, forestry/logging, mining and energy industries.
The business started with a 14,000 square foot building in Blaine, MN and had expanded into 2 additional buildings. However, efficiency was becoming an issue. The owners took time to design a new state of the art 60,000 square foot facility.
MBFC collaborated with Roger Hamilton from BankCherokee and the Metropolitan Consortium of Community Developers (MCCD), and the City of East Bethel to assist Paul Johnson and his partners on the financing for the new 60,000 square foot facility. Construction started in 2012 and the company took occupancy in 2013.
They have 54 employees at their facility in East Bethel and have added employees every year since 2009.
(Pictured: Michelle Mueller, Vice President, MBFC, Dave Johnson, Asst. Repair Service Manager, Aggressive Hydraulics, Wes Maack, Controller, Aggressive Hydraulics, Roger Hamilton, Senior Vice President, BankCherokee, and Paul Johnson, President of Aggressive Hydraulics)
Guest Feature by Joe Kammermeier, Vice President-MBFC
Featured on Fidelity Bank November Newsletter:
Please click here to access the webpage article.
Minnesota Business Finance Corporation (MBFC) is proud to announce that another business owner has qualified for our VetLoan Advantage Rebate program based on their prior military service.
Larry Koland and Jerry Kotzenmacher, together with their spouses, are partners in Inver Grove Storage & Rental, in Inver Grove Heights, MN. Both are employed full-time, but decided to start a self-storage business in 2003. Larry is retired from the U.S. Air Force, and through MBFC’s Vet Loan Advantage program received a rebate to offset some of the loan expenses.
As the business has grown, and demand for storage space has increased, they looked for expansion opportunities. Another storage facility in Inver Grove Heights presented the perfect opportunity to expand. Michelle Mueller, Vice President of Business Development in MBFC’s Minneapolis office used the SBA’s 504 expansion with refinance program to facilitate the purchase.
The existing facility was appraised with sufficient equity to allow them to refinance the balance of the debt and purchase the new facility with a SBA 504 loan. The loan carries a rate of under 5% and is fixed for 20 years. Larry, Jerry, and their banker, Dave Mennen of Drake Bank, were all thrilled that the refinance with expansion program was available to fund the project.