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
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Stars)
The Minnesota Business Finance Corporation has achieved an impressive Four-Star rating from Charity Navigator, reflecting a strong emphasis on accountability and financial health. The charity’s overall score is based entirely on its accountability and finance beacon, which indicates that it operates with high transparency and responsibility in managing its resources.
The organization boasts a governance framework with a majority of independent board members, indicating robust oversight. Its audit and oversight practices are well-organized, contributing to its lack of material diversion of assets. Furthermore, the presence of sound policies such as conflict of interest and whistleblower measures underscores its commitment to ethical conduct and operational integrity.
While the financial ratios indicate a solid performance, with over 77% of expenses directed towards programs, this showcases its focus on mission-related activities. Overall, the Minnesota Business Finance Corporation stands out as a trustworthy nonprofit, ensuring effective use of donations while adhering to high standards of accountability.
This AI summary has been generated from information found on Charity Navigator.
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.
Heare 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:
- Compensation: $4,800
- Related: $0
- Other: $0
- Compensation: $3,600
- Related: $0
- Other: $0
- Compensation: $3,600
- Related: $0
- Other: $0
- Compensation: $3,600
- Related: $0
- Other: $0
- Compensation: $3,600
- Related: $0
- Other: $0
- Compensation: $3,600
- Related: $0
- Other: $0
- Compensation: $7,200
- Related: $0
- Other: $0
- Compensation: $238,024
- Related: $0
- Other: $41,082
- Compensation: $276,645
- Related: $0
- Other: $44,531
- Compensation: $4,800
- Related: $0
- Other: $0
- Compensation: $4,800
- Related: $0
- Other: $0
- Compensation: $4,800
- Related: $0
- Other: $0
- Compensation: $151,170
- Related: $0
- Other: $25,537
- Compensation: $139,984
- Related: $0
- Other: $31,190
- Compensation: $142,398
- Related: $0
- Other: $34,673
- Compensation: $133,883
- Related: $0
- Other: $34,754
Official website here: www.mbfc.org
Where can I find the form 990 for Minnesota Business Finance Corporation?
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.
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Impact
July, 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.
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.
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.
- Investment Income: $8,899
- Program Service Revenue: $3,657,206
- Gross Receipts: $3,790,823
Assets and Liabilities:
- Total Assets: $6,710,385
- Total Liabilities: $1,642,450
- Net Assets: $5,067,935
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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) 258-5000Principal Officer
Thomas Saehr
Main Address
616 ROOSEVELT RD 200, ST CLOUD, MN, 56301
Website
www.mbfc.orgNTEE Category
Code: S30 - Community improvement
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