Overview
What is Minnesota Business Finance Corporation?
Minnesota Business Finance Corporation is a nonprofit organization dedicated to stimulating small business growth and job creation in Minnesota. They accomplish this by leveraging the zero-subsidy, Section 504 loan program, which is sanctioned by Title V of the Small Business Investment Act (Title 15 u.S.C. Chapter 14b). This program receives backing from the U.S. Small Business Administration, enabling them to offer financial assistance to small businesses in need. Their primary objective is to foster a thriving entrepreneurial landscape in Minnesota.
Official website here: www.mbfc.org
Is Minnesota Business Finance Corporation legitimate?
Minnesota Business Finance Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Minnesota Business Finance Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Here are some key statistics you may want to consider:
Executive Compensation: $639,847
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,370,975
For more financial information, click here
Official website here: www.mbfc.org
What is the mission statement of Minnesota Business Finance Corporation?
Minnesota Business Finance Corporation's mission is centered around promoting the growth of small businesses and job creation. They achieve this by utilizing the zero-subsidy Section 504 loan program, which is authorized by Title V of the Small Business Investment Act. This program is outlined in Title 15, U.S.C. Chapter 14b, and it receives support from the U.S. Small Business Administration. In essence, Minnesota Business Finance Corporation leverages this program to encourage the expansion of small businesses and create employment opportunities in Minnesota.
Official website here: www.mbfc.org
Who is the CEO of Minnesota Business Finance Corporation?
Thomas Saehr is the Board Member of Minnesota Business Finance Corporation.
Official website here: www.mbfc.org
What is the revenue of Minnesota Business Finance Corporation?
Minnesota Business Finance Corporation's revenue in 2022 was $3,673,437.
Official website here: www.mbfc.org
Who are the executives of Minnesota Business Finance Corporation and what are their salaries?
The average compensation at Minnesota Business Finance Corporation during 2022 was $111,712. There are 18 employees at Minnesota Business Finance Corporation.
Here are 16 key members and their salaries:
- Thomas Saehr (Board Member)
- Nadine Kruse (Senior Vice President)
- Joseph Kammermeier (Vice President Business De)
- Michelle Mueller (Vice President Business De)
- Terry Stein (Vice President Business De)
- Michael Stearns (Vice President Business De)
- Maurice Durheim (Chairman)
- Dustin Johnson (Board Member) [Trustee/Director]
- Dale Umlauf (Secretary)
- Bob Palmquist (Treasurer)
- Carol Anderson (Vice Chair)
- James Vrchota (Board Member) [Trustee/Director]
- Gordon Winzenburg (Board Member) [Trustee/Director]
- Nancy Hoffman (Board Member) [Trustee/Director]
- Dan Nygaard (Board Member) [Trustee/Director]
- Mark Schik (Board Member) [Trustee/Director]
Official website here: www.mbfc.org
Where can I find the form 990 for Minnesota Business Finance Corporation?
The Minnesota Business Finance Corporation’s most recent form 990 was submitted in 2022 and can be accessed here
Official website here: www.mbfc.org
Learn more at the official website: www.mbfc.org
Mission Statement of Minnesota Business Finance Corporation
Minnesota Business Finance Corporation, abbreviated as MBFC, is dedicated to promoting small business growth and job creation within Minnesota. This mission is accomplished through the utilization of a zero-subsidy loan program, known as the Section 504 loan program, which is authorized by Title V of the Small Business Investment Act, Title 15 U.S.C. Chapter 14b. With the support of the U.S. Small Business Administration, MBFC provides this loan program, fostering the creation and sustenance of small businesses in Minnesota. By facilitating access to funding, MBFC enables entrepreneurs to start or expand their ventures, thereby contributing to job creation and overall economic growth within the state.
Impact
This information is meant to be a general summary of Minnesota Business Finance Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Saturday, July 20, 2024
Minnesota Business Finance Corporation's impact is significant in fostering small business growth and job creation in Minnesota. By utilizing the zero subsidy, section 504 loan program authorized by the Small Business Investment Act with support from the U.S. Small Business Administration, they play a crucial role in supporting small businesses and stimulating economic development. Through their efforts, they contribute to community improvement and help drive the growth of the local economy in St. Cloud, MN.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN SERVICING FEES
Revenue
$3,496,667
INTEREST ON ESCROW
Revenue
$160,539
Organization Details
Founding Year
1996
Phone
(320) 258-5000
Principal Officer
Thomas Saehr
Main Address
616 ROOSEVELT RD 200, ST CLOUD, MN, 56301
Website
www.mbfc.org
NTEE Category
Code: S30 - Community improvement
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