Overview
What is Business Finance Group Inc?
Business Finance Group Inc, based in Fairfax, Virginia, is a certified organization by the Small Business Administration (SBA). Their primary mission is to promote economic growth and job creation in the Mid-Atlantic region by providing financing for small businesses through their 504 loan program. In addition to this, they have been approved as an Intermediary Lending Pilot Program Lender (ILP) and a Community Advantage Lender (CA) by the SBA, furthering their objective of promoting economic development in their area of operations. The company serves as an essential source of funding for small businesses, offering loans for working capital and equipment, which are often unavailable from traditional lending sources. With a workforce of 26 employees, Business Finance Group Inc plays a crucial role in supporting the growth and job creation of small businesses in the Mid-Atlantic region.
Official website here: www.businessfinancegroup.org
Is Business Finance Group Inc legitimate?
Business Finance Group Inc is a legitimate nonprofit organization registered as a 501(c)(6) entity. Business Finance Group Inc 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: $400,636
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.businessfinancegroup.org
What is the mission statement of Business Finance Group Inc?
Business Finance Group Inc's mission is centered around promoting economic development and job creation. They achieve this by administering their 504 loan program, which provides funding to qualified businesses. This program, certified by the Small Business Administration, is designed to assist growing small businesses. In addition to their core SBA 504 program, Business Finance Group Inc has also been approved as an Intermediary Lending Pilot Program Lender (ILP) and a Community Advantage Lender (CA) by the Small Business Administration (SBA). These additional programs further their mission of promoting economic development in their area of operations. Small loans for working capital and equipment, which are often not readily available from traditional lending sources, are essential for small businesses to grow and create jobs.
Official website here: www.businessfinancegroup.org
Who is the CEO of Business Finance Group Inc?
Richard G Frank is the Past Chairman of Business Finance Group Inc. The CEO's salary of Business Finance Group Inc is $386,374 and their total compensation is $397,370.
Official website here: www.businessfinancegroup.org
What is the revenue of Business Finance Group Inc?
Business Finance Group Inc's revenue in 2022 was $4,589,110.
Official website here: www.businessfinancegroup.org
Who are the executives of Business Finance Group Inc and what are their salaries?
The average compensation at Business Finance Group Inc during 2022 was $15,409. There are 26 employees and 12 volunteers at Business Finance Group Inc.
Here are 18 key members and their salaries (Business Finance Group Inc's CEO's salary is $386,374 and their total compensation is $397,370):
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- Compensation: $386,374
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- Other: $10,996
- Compensation: $306,023
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- Compensation: $195,997
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- Other: $7,214
- Compensation: $301,737
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- Other: $12,049
Official website here: www.businessfinancegroup.org
Where can I find the form 990 for Business Finance Group Inc?
Business Finance Group Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.businessfinancegroup.org
Learn more at the official website: www.businessfinancegroup.org
Mission Statement of Business Finance Group Inc
Business Finance Group Inc, a certified entity by the Small Business Administration, is committed to promoting economic vitality in the Mid-Atlantic region. Their mission is to assist growing small businesses by providing them with financing. The organization's primary program loans funds to qualified businesses, contributing to economic development and job creation. In addition to its core SBA 504 program, Business Finance Group Inc has also been approved as an Intermediary Lending Pilot Program Lender (ILP) and as a Community Advantage Lender (CA) by the Small Business Administration (SBA). These programs further their mission of promoting economic development in their area of operations. It's worth noting that small loans for working capital and equipment are often not readily available from traditional lending sources. However, these types of loans are essential for small businesses to grow and create jobs. In essence, Business Finance Group Inc plays a crucial role in fostering business growth and job creation in the Mid-Atlantic region.
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Impact
October, 2024
Business Finance Group Inc plays a significant role in fostering economic development and supporting job creation in the Mid-Atlantic region. By administering the SBA 504 loan program, the organization provides essential funding to qualified small businesses, enabling them to grow, retain jobs, and enhance their operations.
The impact of these financial services extends beyond immediate economic support; they contribute to a healthier local economy by nurturing entrepreneurial opportunities. The availability of loans that are typically difficult to secure from traditional lenders empowers businesses to invest in working capital and necessary equipment, ultimately leading to increased productivity and expansion.
Moreover, as an approved lender under both the Intermediary Lending Pilot Program (ILP) and the Community Advantage (CA) program, Business Finance Group Inc broadens its reach and capability to serve a diverse array of small businesses. This multifaceted approach not only bolsters individual enterprises but also strengthens the broader economic fabric of the regions it serves. Overall, the organization is integral to promoting economic vitality and improving the quality of life in its area of operations.
This information is meant to be a general summary of Business Finance Group Inc. 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: $11,614
- Program Service Revenue: $4,577,496
- Gross Receipts: $4,589,110
Assets and Liabilities:
- Total Assets: $8,925,508
- Total Liabilities: $4,614,618
- Net Assets: $4,310,890
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SERVICE FEES
Revenue
$2,623,029
PROCESSING FEES
Revenue
$1,576,150
FLOAT INCOME
Revenue
$225,064
INTEREST INCOME - CLP
Revenue
$96,797
OTHER INCOME - CA
Revenue
$55,456
Organization Details
Founding Year
1982
Phone
(703) 352-0504Principal Officer
Richard G Frank
Main Address
3930 PENDER DRIVE 300, FAIRFAX, VA, 220300986
Website
www.businessfinancegroup.orgNTEE Category
Code: S43 - Community improvement
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