MBFC Presents a Grant to Itasca Economic Development Corporation

MBFC Presents a Grant to Itasca  Economic Development Corporation

On Thursday, August 10th, Minnesota Business Finance Corporation (MBFC) presented a grant contribution to Itasca Economic Development Corporation (IEDC). MBFC’s Terry Stein, Vice President of Business Development presented the check to Shannon Benolken, Director of Business Development-IEDC.

IEDC is located in Grand Rapids, Minn. and has a Small Business Development Center (SBDC) which serves more than 135 businesses and entrepreneurs. They offer customized assistance to start, expand, or maintain a business throughout the area. The IEDC spends approximately 80% of their resources on helping the local business community. They also work towards recruiting and attracting new businesses to the region. IEDC is a strong non-profit which adds value to Itasca County. For more information about IEDC and the SBDC office please follow a link to their website: Here

For more details about how your organization can apply for a MBFC Grant please contact your local MBFC Business Development Officer.

Grant Presented to the City of Maple Lake

Minnesota Business Finance Corporation (MBFC) awarded a $500.00 economic development grant to the City of Maple Lake. Lynn Kissock-Mayor of Maple Lake, Joe Kammermeier-VP Business Development of MBFC, and Lee Ann Yager-City Clerk of Maple Lake are pictured during presentation of the check.
The City of Maple Lake is conducting an economic development strategic plan to determine the direction of growth of the community. The planning commission will also evaluate businesses and developments that would be optimal for Maple Lake. This process will include reviewing how the city can better assist the current businesses. Jim Gromberg of WSB and Associates, and MBFC Member, helped connect Maple Lake with the grant program at MBFC.

Maple Lake is a community of approximately 2,185 people located in Wright County along Highway 55. This growing area is about 40 miles west of Minneapolis. For more information regarding business development in Maple Lake, please see their website at www.ci.maple-lake.mn.us.

For more information about MBFC’s Grant Program please contact your Business Development Officer.

MBFC Welcomes Mike Stearns, Vice President Business Development Officer

Mike Stearns, Vice President Business Development Officer,

MBFC Detroit Lakes Office

MBFC Welcomes Mike Stearns,
Vice President Business Development Officer!

MBFC is pleased to welcome Mike Stearns, Vice President Business Development Officer. Stearns joins MBFC with 20 years commercial lending experience, most recently with Midwest Bank in Detroit Lakes, MN where he was Vice President of Commercial Lending. MBFC has relocated their Northern Minnesota office from Bemidji to the Graystone Plaza building in Detroit Lakes.

Mike is active in many Detroit Lakes area committees and boards such as Detroit Lakes Breakfast Club Rotary.  He enjoys spending time with his family as well as running, traveling, and reading. Mike is a graduate of Augustana College in Sioux Falls, SD and has a BA in Business Administration and Economics.

His commercial lending, relationship management, and knowledge of the SBA 504 Program, are strong assets to MBFC. Mike is ready to roll up his sleeves and get to work with MBFC to help SBA 504 borrowers realize their small business dreams!

Give Mike a call today!

Mike Stearns, VP Business Development

Minnesota Business Finance Corporation
119 Graystone Plaza, Suite 200
Detroit Lakes, MN 56501

Cell: (218) 556-2898
Office:(218) 759-8481
Email: mstearns@mbfc.org

Cygneture Title Solutions Presented with MBFC’s VetLoan Advantage Rebate of $3,000

Minnesota Business Finance Corporation (MBFC) is honored to present Suz and Kyle Pohl our VetLoan Advantage Rebate of $3,000. This Rebate is part of the Strategic Initiative of the National Association of Development Company’s (NADCO) VetLoan Advantage program. 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.

Pictured: Todd Brown and Emily Rardin from Randall State Bank, Suz Pohl, owner of Cygneture Title Solutions, her husband Kyle Pohl, and Terry Stein, VP of Business Development for MBFC

Cygneture Title Solutions provide real estate closing services such as abstracting and title insurance. They are located in Baxter, MN and cover North Central Minnesota from Little Falls to Longville. They have served clients for thousands of transactions and “strive to be Minnesota’s most thorough real estate closing professionals.” Also pictured are Todd Brown and Emily Rardin from Randall State Bank office in Brainerd as the lead lender on the project.

Suz (Suzanne) Pohl is the sole owner of Cygneture and her husband Kyle is a guarantor on the SBA 504 loan. Kyle’s military service includes joining the Army Reserves in 1985. He then joined the Army National Guard in 1991 working in a tanker unit at Camp Ripley in Minnesota. Through transfers and deployments to Panama, Honduras, Korea, and activated in 2003 for training in Colorado then to Iraq, Kyle has had tremendous service and was able to retire with 20 years of service in February 2005. MBFC would like to thank Kyle for his military service and thank Cygneture Title Solutions by awarding them our VetLoan Rebate.

For more information about Cygneture, including a comprehensive list of their services, contact information, and buyer or seller calculator features, please visit their website at:


If you are interested in additional information or to inquire about
MBFC’s VetLoan Advantage Rebate program
please contact your MBFC Business Development Officer today!

MBFC Presents a Grant to the North Central SBDC in Brainerd

Minnesota Business Finance Corporation (MBFC) recently awarded an economic development grant to the North Central Small Business Development Center (SBDC) in Brainerd, MN. Nadene Kruize, Senior Vice President of MBFC presented the check at the Central Lakes College location of the SBDC to Greg Bergman, the Regional Director of the center.

Bergman noted the grant is being used as loan packaging assistance to small businesses and aspiring business owners in North Central Minnesota. Services included in this program assist with bank, SBA, DEED, and regional loan programs (including SBA 504 loan packages) to facilitate small business growth.

The North Central SBDC works with approximately 11 counties in Central Minnesota and provides essential business training, assistance, and programming for improving economic growth in Minnesota.

For a link to their website for additional resources please click the following:

North Central SBDC

For more information about MBFC’s Grant programs please contact President & CEO,
Tom Saehr, or a MBFC Business Development Officer near you!