MBFC Announces Lender of the Year & Member of the Year!
Minnesota Business Finance Corporation (MBFC) held their FY2016 Annual Membership Meeting on Oct. 20th, 2016 at the Courtyard Marriott in St. Cloud, MN. The annual membership meeting was well attended with over 65 in attendance. MBFC awarded the Lender of the Year and Member of the Year for FY2016 at this event. MBFC thanks our Board of Directors, MBFC Membership, Lenders, Economic Developers and Government Officials for a very successful year. MBFC was chosen as the MN SBA Top CDC of the Year for both highest dollar amount of loans and most number of loans for the second year in a row! We greatly appreciate your business as a crucial part of our continued growth and success!
MBFC is pleased to announce the FY2016 Lender of the Year Award is given to BankVista. The third party lender of the year award is given to the lender with the highest dollar amount of 504 debentures approved by MBFC and the U.S. Small Business Administration (SBA) within the fiscal year. Congratulations to BankVista!
Gordon Winzenburg has been awarded the FY2016 Member of the Year. Winzenburg is the President of CMG Finance located in Brainerd, MN. Winzenburg referred the most SBA 504 loans to MBFC during FY2016. He has been a longstanding MBFC Member and is currently a MBFC Board Member. Congratulations Gordy!
Hunts Point Awarded MBFC’s VetLoan Advantage Rebate!
Minnesota Business Finance Corporation (MBFC) presented a VetLoan Advantage Rebate of $3,000 to John Barr, President, of Hunts Point Gun Club, LLC located in Pequot Lakes, MN. MBFC is the only Certified Development Company (CDC) in Minnesota to offer a rebate to business owners that are active or retired members of military service.
John and his wife used an SBA 504 loan from MBFC, combined with financing from Riverland Bank and a loan from MEDA, to purchase an existing shooting preserve and training center. Hunts Point is a multi-faceted business geared toward the hunting enthusiast. They offer both member and non-member shooting activities that include trap, five-stand, skeet shooting, sporting clays as well as upland bird hunting on over 300 acres. In addition, their 10,000 square foot club house is an attraction to host weddings, banquets, community events, and family functions for up to 300 guests!
Barr is an Active Duty US Army Major with the Minnesota Army National Guard (ARNG) stationed out of Camp Ripley located in Little Falls, MN. As the State of Minnesota’s Senior Supply Officer, he oversees all MN ARNG supply operations including management of budget, equipment, facilities, and all personnel within. Barr’s military experience spans from 1988 to the present as well as having received Meritorious Service Medals.
For more information or to contact Hunts Point, please click here.
MBFC thanks John Barr for his service to our country. To inquire about VetLoan Advantage Rebates please contact your MBFC Business Development Officer today.
Minnesota Business Finance Corporation (MBFC) was recognized as the Top Certified Development Company (CDC) in Minnesota based on the number of loans and dollars in loans at the 4th Annual Minnesota SBA Lenders Conference held on September 8, 2016
Nancy Libersky, District Director and Mel Boser, Lead Lender Relations Specialist of the MN SBA District Office congratulated MBFC and presented Tom Saehr, President & CEO and Nadene Kruize, Senior Vice President with the award honoring their 2016 accomplishments.
This is the second consecutive year MBFC has received this award from the MN SBA District Office. MBFC is consistently ranked in the Top 20 of the 260+ CDC’s in the Nation and is honored to receive this prestigious award.
Thank you to our Lending Partners and Small Business Borrowers for helping to make MBFC the #1 CDC in Minnesota!
SBA 504 Fee’s Are Reduced for FY2017
On Friday, September 16th, 2016, the U.S. Small Business Administration issued “SBA Information Notice 5000-1389” which provided information about fees for SBA 504 loans approved during FY2017 (Oct. 1, 2016 – Sept. 30, 2017). These changes are only applicable on loans approved on, or after, October 1st, 2016.
Last year, for FY2016, SBA changed the upfront guaranty fee that SBA is authorized to charge the SBA 504 borrowers that is normally included in the debenture fees from .5% to 0. This will continue to be zero for FY2017, however, there is an additional fee reduction for FY2017! The annual service fee on traditional SBA 504 loans is reduced from .914% to .697%, a reduction of 21.7 basis points! On the new 504 Refinance Program, the annual service fee is reduced from .958% to .731%, a reduction of 22.7 basis points! This annual service fee is figured into the overall effective SBA 504 interest rate for the borrower. In comparison, September’s 20 year effective interest rate on traditional SBA 504 loans was 4.082% fixed for the 20 year period. With this fee reduction, the 20 year effective rate would have been approximately 3.87% for September’s pricing!
The September overall effective rate on the new 504 Refinance Program was 4.136% fixed for the 20 year period. With this fee reduction, the overall September effective rate would have been approximately 3.909%!
This is great news for our Small Business Owners!
Give your MBFC Business Development Officer a call today for more details!
MBFC LENDER’S LOYALTY REWARDS PROGRAM
MBFC would like to thank our lenders for their continued loyalty! With your continued partnership in helping to promote economic growth in each of your communities utilizing MBFC and the SBA 504 Loan Program, we have created more than 26,000 jobs in the state of MN and funded over $717.9 Million in SBA 504 loans!
The following is based on accrued loan volume per individual lead lender throughout each fiscal year with MBFC*:
Loan Volume and Gift Card Paid to Lead Lender
Per MBFC/SBA Loan Approval
$1,000,000 or less $1,000,001-$3,000,000 $3,000,001 or more
$50 Amazon gift card $100 Amazon gift card $150 Amazon gift card
MBFC Lender Of The Year
MBFC’s Lender with the highest dollar amount in SBA 504 loans approved by MBFC/SBA during a fiscal year (Oct. 1- Sept. 30) will be named MBFC Lender of the Year. MBFC’s Lender of the Year will be rewarded with an all-expense paid trip to the NationalAssociation of Development Companies’ Annual Conference (NADCO)! The trip will include conference registration, airfare, four-night hotel stay and meals for two people.**The MBFC Lender of the Year will be announced during MBFC’s annual meeting in October
*Awards are paid out upon MBFC/SBA loan approval. Dollar amounts are limited to one fiscal year, starting Oct. 1. All determinations are made by MBFC. Prizes are subject to change under the discretion of MBFC (in case of unforeseen circumstances). As an option for those who cannot accept the reward, MBFC can donate the prize to a charity of lender’s choice on behalf of lender’s company.
**MBFC credits each debenture dollar approved during the Fiscal Year (October 1-September 30) to the individual lending branch or office where the loan originated, whether or not the loans came through one or more lenders. The winning financial institution may select a 504 origination officer from their location to accept the award. Any application received during the FY that have not yet been approved will carry over into the following FY.
Contact your Business Development Officer to learn more.