Minnesota Business Finance Corporation (MBFC) is honored to present Dale and Jessica Kelm of Kelm Enterprises, Inc. with our VetLoan Advantage award check for $3000. MBFC is the only Certified Development Company in Minnesota to offer a rebate to business owners that are active or retired members of military service.
At MBFC, we believe in supporting veterans and improving our communities by providing more-affordable funding for start-up and existing businesses. That’s why we have partnered with the National Association of Development Companies (NADCO) to offer VetLoan Advantage, a program that will complement the Small Business Administration’s (SBA) veteran loan strategic initiatives.
This is our way of thanking all members of military service, especially those who are just re-entering the workforce and transitioning back into civilian life.
For more information please contact your nearest MBFC Business Development Officer or visit our website at mbfc.org.
In partnership with the Northeast Regional Office of the Minnesota Small Business Development Center (SBDC), Minnesota Business Finance Corporation is pleased to announce office hours in Duluth, MN!
Terry Stein, Vice President with MBFC will office out of the Duluth SBDC on a monthly basis, the first Wednesday of every month. These office hours are in addition to Terry’s normal presence in the Duluth area.
“I look forward to using this opportunity to build MBFC’s existing strong customer service culture to promote the economic growth within the Northeastern Region,” said Stein.
We encourage you to take advantage of working with MBFC at this new location!
Terry’s Contact Information:
Duluth SBDC Location:
University of Minnesota-Duluth
Duluth Technology Village
11 East Superior Street, Suite 210
Duluth, MN 55802
Minnesota Business Finance Corporation (MBFC) is proud to announce the nominee Metropolitan Consortium of Community Developers (MCCD) was selected as one of seven NADCO Economic Development Opportunity Grant Award winners at the 2014 NADCO Annual Meeting in Colorado Springs, CO in May.
The grant for $2,750 was presented by Tom Saehr and Michelle Mueller of MBFC to Jim Roth, Executive Director of MCCD on Wednesday, May 28. NADCO selected MCCD because of their continued support to find financing for small businesses that can’t otherwise find the capital they need.
MCCD is an association of nonprofit community development organizations committed to expanding the wealth and resources of neighborhoods through housing and economic development initiatives. MCCD operates two programs which assist small business, Open to Business and Open to Lending.
Open to Business program helps new and early stage businesses access the technical assistance they need to grow and prosper. Since 2003, MCCD has loaned over $6.7 million to over 550 entrepreneurs for business start-up or expansion projects. They offer a variety of services such as loan packaging/facilitation, loans for new and emerging businesses, loans for second stage and growing businesses, and gap financing for real estate up to 10 year terms.
Mueller said “Iric Nathanson and MCCD are great lending partners on MBFC projects. The NADCO grant is a great way to further assist them to continue the work they do in metro communities helping small businesses. ”
The grant from NADCO will assist in meeting MCCD’s overall operating budget for the Open for Business and Open to Lending programs.
Lind-Rite Precision Company, owners Dan Kotek and Marilyne Morisette, were awarded a Small Business Excellence Award at the Minnesota Annual Small Business Awards Ceremony held May 6, 2014.
Lind-Rite Precision Company was started in 1987 in a double garage in Alexandria, MN by Rod Femrite and Jeff Lindner. In 2006 the company moved into a new 22,500 sq. ft. facility in Osakis, MN – population 1700.
In 2012, Rod decided it would be time to retire. Jeff was no longer involved in the day to day operations of the business, so Rod extended his search for potential buyers. Knowing he wanted to keep his company in Osakis, Rod turned to his key employees, Marilyne Morisette and Dan Kotek. Marilyne started in 1993 and handled the company’s accounting, payroll, and human resources. Dan had been with the company since 2005 and was the Operations Manager overseeing shop employees, sales, and estimating.
Rod was confident Marilyne and Dan could run Lind-Rite; however, finding financing was the next hurdle. The company just came through some tough times during the recession and was bouncing back very strong. Marilyne and Dan turned to the Small Business Development Center (SBDC) in Moorhead to assist them in putting together financial projections. Sr. VP Nadene Kruize with MBFC assisted Marilyne and Dan in putting together two SBA 504 loans: one for the real estate purchase and one for the equipment purchase of the business. They utilized Central MN Credit Union as their lead lender. West Central Initiative Foundation also assisted in gap financing for the project.
Dan and Marilyne took over operations in September 2012 and Lind-Rite has continued to grow. Sales increased in 2013 by 15%. In addition, in 2013 Lind-Rite has grown from 33 to 45 fulltime jobs at the company. Dan and Marilyne have accomplished Rod’s dream of keeping Lind-Rite in Osakis, MN and a perfect example of what the true purpose of the SBA 504 Program is all about!
Thursday, September 4th, 2014 the SBA Minnesota District Office is presenting the 2014 Minnesota Lenders’ Conference. There will be workshops, exhibitors, and MN Lenders’ Awards. The conference will take place at the Marriot Minneapolis Northwest in Brooklyn Park. Registration details will be posted soon.
Highlighted to attend are Commercial & Business Banking Lenders, Credit Union Lenders, Credit Analysts, Underwriters, Credit Administration, SBA Servicing Providers/Loan Packagers, Certified Development Companies, and many more.
Please ‘Save the Date’ to attend one of Minnesota’s biggest SBA events of the year and get up to date connections with industry experts such as MBFC!
2014 SBA Minnesota Lenders’ Conference (click for a link to the SBA flyer)