Overview
What is Central Minnesota Development Company?
The Central Minnesota Development Company, situated in Andover, Minnesota, is a nonprofit organization recognized as an SBA-certified development company. Its primary mission is to foster economic growth in Central Minnesota by establishing a conducive financing environment, enabling small businesses to thrive. The company specializes in processing and monitoring Small Business Administration (SBA) loan programs, thereby contributing significantly to the local business community. With a team of eight dedicated individuals, Central Minnesota Development Company plays a pivotal role in promoting economic development and ensuring the prosperity of small businesses within the region.
Official website here: www.cmdcbusinessloans.com
Is Central Minnesota Development Company legitimate?
Central Minnesota Development Company is a legitimate nonprofit organization registered as a 501(c)(6) entity. Central Minnesota Development Company 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $164,107
Professional Fundraising Fees: $0
Other Salaries and Wages: $532,361
For more financial information, click here
Official website here: www.cmdcbusinessloans.com
What is the mission statement of Central Minnesota Development Company?
The Central Minnesota Development Company, being an SBA-certified development organization, is dedicated to promoting economic development. Their mission is to establish a financing environment that encourages the growth and prosperity of small businesses within Central Minnesota. This is achieved by monitoring and processing various SBA loan programs. The company's commitment is aimed at fostering economic viability, thereby allowing small businesses in the region to thrive.
Official website here: www.cmdcbusinessloans.com
What is the revenue of Central Minnesota Development Company?
Central Minnesota Development Company's revenue in 2024 was $1,271,694.
Official website here: www.cmdcbusinessloans.com
Who are the executives of Central Minnesota Development Company and what are their salaries?
The average compensation at Central Minnesota Development Company during 2024 was $77,385. There are 9 employees at Central Minnesota Development Company.
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Official website here: www.cmdcbusinessloans.com
Where can I find the form 990 for Central Minnesota Development Company?
Central Minnesota Development Company's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.cmdcbusinessloans.com
Learn more at the official website: www.cmdcbusinessloans.com
Mission Statement of Central Minnesota Development Company
Central Minnesota Development Company, abbreviated as CMDC, is dedicated to promoting economic development in its mission. This organization aims to create a financing environment that fosters the growth and prosperity of small businesses within the region. CMDC serves as a SBA-certified Development Company, working tirelessly to cultivate a viable economic landscape for these businesses. By providing support and resources, CMDC enables these small enterprises to thrive and contribute positively to their local communities.
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Impact
October, 2024
Central Minnesota Development Company plays a crucial role in fostering economic viability in Central Minnesota by processing and monitoring SBA loan programs. By creating a supportive financing environment, CMDC empowers small businesses to thrive and expand. This commitment to promoting economic development not only helps individual businesses succeed but also contributes to the overall improvement and vitality of the community. Through its efforts, CMDC cultivates opportunities that enable local entrepreneurs to navigate financial challenges, ultimately leading to sustainable growth and a stronger local economy.
This information is meant to be a general summary of Central Minnesota Development Company. Please take the time to review official sources before making any decisions based upon the content provided here.
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 2024.
- Investment Income: $88,247
- Program Service Revenue: $1,179,689
- Gross Receipts: $1,297,238
Assets and Liabilities:
- Total Assets: $3,109,444
- Total Liabilities: $1,343,450
- Net Assets: $1,765,994
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN ORIGINATION AND S
Revenue
$1,179,689
Organization Details
Founding Year
1978
Principal Officer
Tim Walker
Website
www.cmdcbusinessloans.comNTEE Category
Code: S43 - Community improvement
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