MBFC Grant Awarded to Metropolitan Consortium of Community Developers

MBFC Grant Awarded to Metropolitan Consortium of Community Developers


(Pictured: Jim Roth, President & CEO of MCCD, and
Michelle Mueller, Vice President of MBFC)

Minnesota Business Finance Corporation (MBFC) announces that a grant was presented to Metropolitan Consortium of Community Developers (MCCD) in April on behalf of their request for support for the Open to Business (O2B) program.  Mueller met with Roth to present the check at the MCCD’s office on Chicago Avenue in Minneapolis, MN.

The O2B program provides business advising services at no cost as well as lending initiatives for small businesses and entrepreneurs.

  • In 2017 there was 5,872 hours of direct technical assistance provided to 846 businesses.
  • The MCCD lending programs were able to support 58 small business loans totaling over $2.2 Million dollars.

MCCD serves a six county Metro area (Anoka, Carver, Dakota, Hennepin, Scott, and Washington) with special emphasis on entrepreneurs of color and those who are low-income (below 80% of area median income). Roth noted that MCCD aims to expand into Ramsey county some time within 2018. For more information on programs offered by MCCD please click here for their web page. The Star Tribune has praised “MCCD’s lender/adviser programs for stimulating many tiny businesses.”

LINK HERE:

StarTribune: Article, May 23, 2017

MBFC is proud to offer grant and rebate programs for Economic, Community Development initiatives, and Veteran Military borrowers. For more information on how your entity can apply and for qualification requirements please contact your local MBFC Business Development Officer today.

SBA Announces 25-Year Debenture!

SBA Announces 25-Year Debenture!

It is official.  We are pleased to announce the availability of a 25 year Debenture for 504 projects that are approved on or after the date of this notice.  This is in addition to the 10 and 20 year 504 Loan and Debenture that are currently available in the 504 Loan Program.

Technical Issues Memo 21-18

In addition, a few specifics-

  • Loans approved prior to the notice date may not be extended to the longer term
  • Third Party Loans for 25 year debenture must have a term of minimally ten years
  • Funding for the 25 year Debenture will happen every month with the first funding anticipated to occur June or July 2018

MBFC is excited to add this 25 year Debenture to our long term fixed asset financing options.  Please contact us to discuss your project.

As always, we will earn your business.

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Bakers HobbyTown, of Waite Park, MN, Receives MBFC’s $3,000 VetLoan Advantage Rebate

(Pictured: Terry Stein, VP Business Development-MBFC with
Steve Knutson, Owner-Bakers Hobbytown)

Bakers HobbyTown Awarded MBFC’s $3,000 VetLoan Advantage Rebate

MBFC is honored to present Steve and Laura Knutson, Owners of Bakers HobbyTown in Waite Park, MN, our VetLoan Advantage Rebate for $3,000.  MBFC is the only CDC in Minnesota to offer a rebate to business owners that are active or retired members of military service.

The Knutsons utilized financing through Sara Draxler-Gainsforth of Bremer Bank, and MBFC for the purchase and expansion of their business. HobbyTown hobby enthusiasts of remote control cars, remote control trains, helicopters, boats, drones, remote control parts, models for all ages, pine wood derby accessories, coin collecting, art supplies, and beer/wine making kits.

Steve enlisted in the Air Force in 1982 and was assigned to Aircraft Control and Warning Station in Hofn, Iceland. During the cold war Soviet aircraft attempted to fly from Russia to Cuba over the Eastern part of the U.S.  He also participated in a 310 mile relay run across Iceland! The team consisted of 4 Air Force, 4 Navy, 4 Marines, and one civilian.

Following his time in Iceland, Knutson was assigned to Tactical Control Squadron at Homestead Air Force Base in Florida. He worked on long range radar in support of Mobil Tactical Air Control units. After separating from the Air Force, Knutson used programs to attend college and graduated with a Bachelor’s Degree in Computer Science from UNM.

MBFC would like to thank Steve for his rewarding and productive Military Service. For more information about Bakers HobbyTown, click here.

For more information about the VetLoan Advantage Rebate, offered exclusively through MBFC, please contact us below.

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Washington Place Awarded $3,000 VetLoan Advantage Rebate

(Pictured: Dan Nygaard, Vice President/Manager Small Business Division-BankVista; Jay Johnson, HealthNorth, Inc./Washington Place-Owner; Terry Stein, VP Business Development-MBFC)

Washington Place Awarded VetLoan Advantage Rebate

Minnesota Business Finance Corporation (MBFC) is honored to present Jay Johnson, owner of HealthNorth, Inc. and Washington Place of St. Cloud, MN, our VetLoan Advantage Rebate for $3,000.  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.

Washington Place is an assisted living business for area Veterans. The facility provides a safe living environment with board, lodging, meal services, and transportation to medical appointments for Veterans of Military Service.  We are honored to present MBFC’s VetLoan Advantage to Johnson for his ongoing service to the Veteran community. Johnson used a SBA 504 loan along with financing from Dan Nygaard at BankVista to complete the purchase for the project.

Johnson is a Rocori H.S. graduate as well as a Saint Cloud State University graduate with a degree in finance and economics. He joined the Navy in 1987 and became a Naval Corpsman at Balboa Naval Station in San Diego, CA and was later transferred to Camp Lejeune, NC. He became a field medic with the Marines.

In 1989 Johnson was in a automobile accident which permanently damaged his spine and he is quadriplegic in ability. He has dedicated his life to helping others with disabilities, or special needs, live full independent lives. He started a company that designed the best standing wheelchair (VERTRAN) Vertical Transportation. He later sold that company.

In 2004 Johnson launched HealthNorth, Inc. which provides personal care assistance to individuals with disabilities and special needs. In addition he established HealthNorth Medical Supply Company to provide medical equipment and supplies to people with disabilities.

For more information about the VetLoan Advantage Rebate, offered exclusively through MBFC, please contact us below.

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MBFC Awards Inver Grove Storage $3,000 VetLoan Advantage Rebate

(Pictured: Larry Koland and Jerry Kotzenmacher,
Owners of Inver Grove Storage & Rental)

Minnesota Business Finance Corporation (MBFC) is honored to present Larry Koland and Jerry Kotzenmacher, owners of Inver Grove Storage & Rental, our VetLoan Advantage rebate check for $3,000.  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.

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.  As the business grew, and demand for storage space increased, they looked for expansion opportunities.  Another storage facility in Inver Grove Heights presented the perfect opportunity to expand, and the SBA’s 504 expansion with refinance program facilitated the purchase.   In 2017, Larry and Jerry decided to add a climate-controlled storage facility to this newest location.  There was room for the new building, and with SBA 504 financing, the expansion project became reality.

Larry, Jerry, and their banker, Bill Lesher of Drake Bank, were all thrilled that the SBA 504 program was an option to obtain long-term, fixed-rate financing.

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

 

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