Minnesota Business Finance Corporation (MBFC) recently hosted 10 SBA 504 Refinance Training sessions throughout Minnesota. There were 250 of the State’s top Lenders, Economic Developers, Business and Government Officials in attendance. This was a great success and we thank the lending industry leaders, who provide financing resources for our small business owners, for learning more about the SBA 504 Refi program.
The SBA 504 Refi Program is off to a fast start with applications being accepted as of June 24, 2016. MBFC already has several SBA 504 Refi loan approvals and have been closing them just as quick! The SBA 504 interest rate environment is very attractive at 4.14% fixed for 20 years and 4.16% fixed for 10 years. In today’s competitive lending environment, the SBA 504 Refi can be a nice tool for you to use to acquire additional business.
Highlights of the program are as follows:
1.The commercial debt to be refinanced must be fixed asset debt and at least 2 year old.
2. The loan or loans being refinanced must not have any late payment history in the previous twelve months and evidence of such must be presented.
3. CASH OUT REFINANCING IS PERMITTED to cover eligible business operating expenses.
4. The subject property must be a minimum of 51% Owner Occupied and meet all other eligibility requirements of the SBA 504 program.
5. For Refinance-Only projects, the maximum LTV is 90%.
6. The refinance is applicable to conventionally financed commercial debt. Contract for Deed refinances are eligible! Existing government financed loans such as 504, 7(a), and USDA loans cannot be refinanced under this new program.
If you’d like to request a more personalized training session for your staff please contact your MBFC Business Development Officer at 800-593-0123 to schedule.
MBFC recently awarded a grant to the Southeast MN SBDC in Rochester. Michelle Mueller, Vice President-MBFC presented the check to Julie Kiehne, Regional Director SE MN SBDC.
Kiehne said they plan to use the funds as part of meeting a local match required to leverage funding for small business consulting services in Southeast MN. This in turn provides professional business consulting, technical assistance, and access to capital to help small businesses succeed and positively impact the economy in their region.
The SE MN SBDC serves 11 counties in Southeast Minnesota and is located on the campus of Rochester Community and Technical College. Businesses within the population served are typically under $6 Million in annual sales and have less than 500 total employees.
Also, the SE MN SBDC was chosen as Minnesota’s 2015 Excellence and Innovation SBDC Center of the Year by The U.S. Small Business Administration Minnesota District Office.
Contact MBFC’s President & CEO, Tom Saehr, for more information about the MBFC grant program.
The Minnesota District Office of the U.S. Small Business Administration Fall SBA Minnesota Lenders Conference is fast approaching. The event will be held on Thursday, September 8th at 8:30 AM at the Marriott Minneapolis Northwest located in Brooklyn Park, Minnesota.
Registration details are listed below. The conference hosts a variety of workshops, exhibitors, an awards ceremony, and a networking reception for all attendees.
The “Who Should Attend” list includes: Commercial & Business Bank Lenders, Credit Union Lenders, Credit Analysts, Underwriters, Credit Administration, SBA Servicing Providers, Loan Packagers, Microloan Lenders, Community Advantage Lenders and others!
SBA Minnesota Lenders Conference
Thursday, Sept. 8th, 2016, beginning at 8:30 AM
Marriott Minneapolis Northwest
Rockwood Lodge Presented with MBFC’s VetLoan Advantage Rebate:
Minnesota Business Finance Corporation (MBFC) is honored to present Carl Madsen, of Rockwood Lodge located in Grand Marais, MN, MBFC”s 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 of retired members of military service.
Rockwood Lodge used a SBA 504 loan to purchase the existing lodge and outfitter resort located on the shores of Poplar Lake surrounded by the Boundary Waters Canoe Area wilderness (BWCA). Along with a lodge, cabins, bunkhouse, fishing, hiking, canoeing, and swimming, they also provide outfitting services for camping excursions with entry to the BWCA.
Madsen is a 20 year Veteran of the US Army Reserves, National Guard, and Active Duty. He served in Desert Storm in 1991 as well as the Kosovo deployment in 2003 to which he earned a Meritorious Service Medal as the Company Commander of the OPFOR company. Madsen also served by traveling to several US Army Active Duty posts training soldiers for Iraq and Afghanistan before retiring as a Major in 2005.
For more information about Rockwood Lodge visit their website by clicking the link here:
A special Thank You to Carl for his service to our Country!
Contact MBFC to learn more about the VetLoan Advantage Rebate Program and all of your SBA 504 business financing needs.
The U.S. SBA and partners are hosting a Boots to Business Reboot program, an entrepreneurship training program for Veterans and their spouses.
Boots to Business Reboot is a two step training program that provides participants an overview of business ownership as a career vocation, an outline and knowledge on the components of a business plan, a practical exercise in opportunity recognition, and an introduction to available public and private sector finance.
There will be 2 sessions available and registration details are listed below.
University of St. Thomas, Minneapolis
Camp Ripley, Little Falls
For more details click the link here: VETERAN OWNED BUSINESS: BOOTS to BUSINESS|REBOOT
For Questions Please Call: Thomas Osborne (612) 370-2356 or email Thomas.firstname.lastname@example.org