|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.
Minnesota Business Finance Corporation (MBFC) held the FY2014 Annual Membership Meeting on Wednesday October 22nd at the Holiday Inn in Saint Cloud. With over 60 attendees, MBFC celebrated another successful year providing SBA 504 loans to small businesses all across Minnesota. MBFC finished the year with 82 loan approvals totaling over $46.8 million in SBA 504 dollars. This generated over $126.6 million in project financing.
United Community Bank of Perham, Minn was recognized as the MBFC FY2014 Lender of the Year. This honor is given to the Third-Party lender with the highest dollar amount of SBA 504 debentures approved by MBFC and the SBA.
There were 4 MBFC Members chosen as MBFC FY2014 Member of the Year honorees: John Elden, Northland Foundation, Gordon Winzenburg, CMG Finance, Terry Stallman, Otter Tail Power Company and Chuck Johnson, City of Perham-EDA. The recipients had either the highest dollar volume or largest number of deals referred to MBFC for the last Fiscal Year.
King Banaian, Interim Dean, School of Public Affairs, and Professor of Economics at Saint Cloud State University was the featured guest speaker on local, national, and global business. He offered a great conversation on the world economy and tied in how that relates to business dealings in Minnesota.
The latest issue of the Initiative Foundation magazine features an article on Fireside Lodge Furniture Company in Pequot Lakes, Minn.
Lonesome Cottage Furniture dba Fireside has partnered with MBFC on their financing needs.
To read more about their story please click IQ magazine .