MBFC’s VetLoan Rebate Presented to Duane Smith Canvasworks
Minnesota Business Finance Corporation (MBFC) is honored to present Duane Smith, President of Duane Smith Canvasworks, 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 or retired members of military service.
Duane Smith started his business, Canvasworks, Inc., in his garage in 1979. He was just out of the U.S. Navy after serving over four years where he learned to sew as a parachute rigger. Duane was determined to put his sewing and problem solving skills to use by starting a boat cover business.
From this beginning, he quickly branched out into awnings, upholstery, boat blinds, tarps, and custom projects. In the 1990’s he developed the SnoCaps product which is the only road-going fabric enclosed trailer cover on the road today.
Duane continues to upgrade his skills as well as those of his expert craftsmen through the past 35 years. In addition to the Canvasworks products, Duane designs and crafts custom motorcycle seats. He uses aerospace foam to create a comfortable seat for long rides. The customer is able to choose the color of the leather and stitching to make their seat one-of-a-kind. Duane has worked tirelessly to grow his business to one of the largest fabric and aluminum fabrication companies in Minnesota.
MBFC assisted Duane with an SBA 504 loan to purchase a building in Cokato, Minnesota to expand his business. The new building is heated and air conditioned with a large shop area allowing him to pull boats into the building to craft the covers. He has a designated aluminum frame fabrication area, and is pictured by the sewing tables where the covers and upholstery are created.
Visit his website at: canvasworksincmn.com
A special thank you to Duane for his service to our country.
MBFC’s SBA 504 Refi Lender Checklist is posted here for your reference:
Contact a MBFC Business Development Officer for additional details.
Minnesota Business Finance Corporation (MBFC) is honored to present Jim Birchem of Hillcrest Senior Living in Red Lake Falls, 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 or retired members of military service.
Owner, Jim Birchem served in the United States Army from 1972-1974. He was also active in the National Guard from 1983-2007 and retired as a Sergeant Major. Jim and his wife Kathy purchased the Hillcrest Senior Living Nursing Home in 2008. With the help of MBFC and the SBA 504 Loan Program in partnership with Unity Bank North of Red Lake Falls and the Northwest Minnesota Foundation of Bemidji, Jim and Kathy converted the nursing home into a 23 unit assisted living facility.
At MBFC, we believe in supporting veterans and improving our communities by providing more affordable funding for both existing and start-up businesses. MBFC’s VetLoan advantage program complements the Small Business Administration’s (SBA) veteran loan strategic initiatives!
Please join MBFC for our SBA 504 Refinance Training Seminar.
There is no charge to attend the training but space is limited. Please see the list below of various locations statewide and choose a training site that is most convenient!
To register, please email your name, company name with your city and date selection to firstname.lastname@example.org or call 1-800-593-0123. Training at each location is held from 8:30 – 10:30 AM.
Thursday, June 23
River’s Edge Convention Center
Tuesday, June 28
Central Lakes College-SBDC
Wednesday, June 29
Duluth Sheraton Hotel
Thursday, July 7
Minnesota Bankers Association (MBA) Office
Friday, July 8
Broadway Event Center
Wednesday, July 13
West Central SBDC, Concordia
Thursday, July 14
Hampton Inn & Suites
Friday, July 15
Best Western Event Center
Tuesday, July 19
Eagle Valley Golf Course
Thursday, July 28
Mankato City Center Hotel & Conference Center
SBA 504 Refinance is Here!
MBFC President & CEO, Tom Saehr, is attending the NADCO Spring Summit being held in Washington D.C. and has reported some great news! The U.S. Small Business Administration (SBA) has announced it will start processing applications under the Permanent 504 Refinance Program on June 24th!
Highlights of the program are as follows:
- The new rules will be published Wednesday, May 25th, 2016 at the Federal Registry and the SBA will begin processing applications on June 24th.2. The commercial debt to be refinanced must be fixed asset debt and at least 2 year old.
3. 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.
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. CASH OUT REFINANCING IS PERMITTED to cover eligible business operating expenses. There are some restrictions (contact MBFC for details).
7. Existing government financed loans such as 504, 7(a), and USDA loans cannot be refinanced under this new program. The refinance is only applicable to conventionally financed commercial debt.
These are the highlights released at this time, stay tuned for additional SBA 504 Refinance information from MBFC.
Watch for details of MBFC LENDER TRAINING coming soon to a location near you!
Now is the time to contact your MBFC Business Development Officer for additional details!