Minnesota Business Finance Corporation (MBFC) is proud to announce that another business owner has qualified for our VetLoan Advantage Rebate program based on their prior 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. 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.
As the business has grown, and demand for storage space has increased, they looked for expansion opportunities. Another storage facility in Inver Grove Heights presented the perfect opportunity to expand. Michelle Mueller, Vice President of Business Development in MBFC’s Minneapolis office used the SBA’s 504 expansion with refinance program to facilitate the purchase.
The existing facility was appraised with sufficient equity to allow them to refinance the balance of the debt and purchase the new facility with a SBA 504 loan. The loan carries a rate of under 5% and is fixed for 20 years. Larry, Jerry, and their banker, Dave Mennen of Drake Bank, were all thrilled that the refinance with expansion program was available to fund the project.