Overview
What is Chesapeake Business Finance Corp?
Chesapeake Business Finance Corp is a private, non-profit organization situated in Bethesda, Maryland. It holds a license from the U.S. Small Business Administration (SBA) to provide Small Business Administration (SBA) 504 loans to businesses in specific regions, including Maryland, Washington D.C., southern Delaware, northern Virginia, and eastern West Virginia. The primary mission of Chesapeake is to aid small businesses in securing capital for growth and expansion, aligning with the objectives of the SBA. The organization employs a team of two individuals.
Is Chesapeake Business Finance Corp legitimate?
Chesapeake Business Finance Corp is a legitimate nonprofit organization registered as a 501(c)(4) entity. Chesapeake Business Finance Corp 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $360,000
For more financial information, click here
What is the mission statement of Chesapeake Business Finance Corp?
Chesapeake Business Finance Corp, as a private non-profit corporation licensed by the U.S. Small Business Administration, operates with a mission to provide assistance to small businesses in obtaining capital for their growth and expansion. This is in line with the objectives set by the U.S. Small Business Administration. The corporation issues U.S. Small Business Administration loans to encourage the growth and formation of small businesses. By doing so, Chesapeake Business Finance Corp contributes to the economic development of the communities it serves in Maryland, DC, Southern Delaware, Northern Virginia, and Eastern West Virginia.
Who is the CEO of Chesapeake Business Finance Corp?
John Sower is the Executive Board Member of Chesapeake Business Finance Corp.
What is the revenue of Chesapeake Business Finance Corp?
Chesapeake Business Finance Corp's revenue in 2022 was $748,359.
Who are the executives of Chesapeake Business Finance Corp and what are their salaries?
The average compensation at Chesapeake Business Finance Corp during 2022 was $180,000. There are 2 employees and 10 volunteers at Chesapeake Business Finance Corp.
Here are 10 key members and their salaries:
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- Compensation: $360,000
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- Compensation: $75,272
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Where can I find the form 990 for Chesapeake Business Finance Corp?
Chesapeake Business Finance Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Chesapeake Business Finance Corp
Chesapeake Business Finance Corp, a private non-profit corporation licensed by the U.S. Small Business Administration, is dedicated to providing assistance to small businesses in their quest for capital to foster growth and expansion. The organization's mission is centered around facilitating the acquisition of U.S. Small Business Administration loans, thereby encouraging the formation and expansion of small businesses. By offering these loans, Chesapeake Business Finance Corp plays a crucial role in stimulating economic growth and development within the communities it serves, ultimately contributing to a stronger and more vibrant business landscape.
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Impact
October, 2024
Chesapeake Business Finance Corp plays a critical role in fostering economic development by providing access to capital for small businesses in Maryland, Washington D.C., Southern Delaware, Northern Virginia, and Eastern West Virginia. By facilitating SBA 504 loans, it enables these businesses to secure financing for expansion and growth, which can lead to job creation and increased local employment opportunities.
The impact of Chesapeake Business Finance Corp extends beyond just financial support; it actively contributes to the entrepreneurial ecosystem by encouraging the formation and sustainability of small businesses. This, in turn, enhances local economies, stimulates innovation, and fosters community development. Through its mission, the organization helps small businesses overcome capital barriers, positioning them for long-term success and stability in a competitive market.
Ultimately, Chesapeake Business Finance Corp is instrumental in creating a more vibrant and resilient regional economy, supporting Main Street entrepreneurs who drive job creation and economic vitality.
This information is meant to be a general summary of Chesapeake Business Finance Corp. 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: $1,151
- Program Service Revenue: $651,717
- Gross Receipts: $748,359
Assets and Liabilities:
- Total Assets: $689,174
- Total Liabilities: $29,579
- Net Assets: $659,595
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SERVICE FEES
Revenue
$506,290
LOAN FEES
Revenue
$145,427
Organization Details
Founding Year
1998
Phone
(240) 224-0217Principal Officer
John Sower
Main Address
4701 SANGAMORE RD 100N, BETHESDA, MD, 20816
NTEE Category
Code: J129 - Employment
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