Midwest Business Finance Corporation

Midwest Business Finance Corporation MBFC is a nonprofit, SBA-licensed certified development company that provides loans to qualifying small businesses throughout the state of Minnesota.

Minnesota Business Finance Corporation (MBFC) is a private not-for-profit 501 (c)(3) organization licensed by the U.S. Small Business Administration as a certified development company (CDC). Our CDC was created in 1983 as Opportunities Minnesota Inc. (OMNI), which was then a division of the Minnesota Department of Trade and Economic Development. Through the enactment of state legislation in 1993,

the organization became a quasi-public agency. In 1996, it was privatized and renamed the Minnesota Business Finance Corporation (MBFC). With offices in St. Cloud, Minneapolis and Bemidji, we serve the entire state of Minnesota, border to border. Plus, we’ll travel to YOU for all of your lending needs, no matter what part of Minnesota you’re in. We handle all SBA approval, closing and loan servicing. Learn how our step-by-step lending process can help you get the small business funding you need.

NOTE - Decreased Manufacturing Rate - NEW in FY2026! These are the NEW rates applicable to any new SBA 504 approval in F...
08/10/2026

NOTE - Decreased Manufacturing Rate - NEW in FY2026!

These are the NEW rates applicable to any new SBA 504 approval in FY2026 with the decreased borrower fee that's built into the overall effective rate.

25 Year Rates
6.27% - STANDARD 504 PROJECT
6.27% - 504 REFINANCE PROJECT
6.03% - MANUFACTURING PROJECT

20 Year Rates
6.27% - STANDARD 504 PROJECT
6.27% - 504 REFINANCE PROJECT
6.02% - MANUFACTURING PROJECT

10 Year Rates
6.20% - STANDARD 504 PROJECT
6.20% - 504 REFINANCE PROJECT
5.90% - MANUFACTURING PROJECT

Celebrating Veteran Entrepreneurship! MBFC is honored to present a $3,000 MBFC VetLoan Advantage Rebate to David Shilo, ...
07/20/2026

Celebrating Veteran Entrepreneurship! MBFC is honored to present a $3,000 MBFC VetLoan Advantage Rebate to David Shilo, Heavenly Escapes Resort - Miltona, MN!

This rebate reflects Midwest Business Finance Corporation’s (MBFC) long standing and voluntary commitment to the NADCO VetLoan Advantage program, supporting veteran owned businesses since 2014. Unlike most SBA 504 lenders, MBFC is one of the very few Certified Development Companies that actively participate in this program. To date, MBFC has returned more than $250,000 of its own capital directly to veteran owned small businesses through VetLoan rebates — a meaningful financial commitment that goes well beyond standard SBA lending practices and serves as a tangible tribute to the service and dedication of our nation’s military members.

David and Lisa Shilo, owners of Heavenly Escapes Resort, LLC partnered with MBFC’s Terry Stein and Mark Andersen, Northwoods Bank to secure a SBA 504 loan for the purchase of the resort in Miltona, MN.

Heavenly Escapes Resort is located on Lake Miltona near Alexandria, MN. This lake is a premier fishing destination, offering something for every skill level. This family-owned resort offers lakeside cabins, lodge rooms and a welcoming atmosphere designed for rest, connection and memorable stays!

David Shilo enlisted in the United States Marine Corps in 1977 through the Delayed Entry Program and graduated from high school in 1978. After graduation, he attended recruit training at Marine Corps Recruit Depot Parris Island, South Carolina, where he successfully completed boot camp. Following boot camp, he completed Military Occupational Specialty (MOS) training in Operations and Intelligence. Upon graduation, he was given a choice of duty stations and was assigned to Marine Corps Air Station Kaneohe Bay, Hawaii, where he served with Marine Fighter Attack Squadron VMFA-212. The primary mission of VMFA-212 was to maintain a high state of readiness for rapid deployment anywhere in the world on short notice. During his service with the squadron, he deployed to South Korea, Japan, the Philippine Islands, and several military installations along the West Coast of the United States. His duties included maintaining intelligence reports, compiling and safeguarding classified information, and ensuring commanding officers were kept current through Top Secret intelligence briefings. These responsibilities required accuracy, attention to detail, and the ability to handle sensitive information while supporting the operational readiness of the squadron

Thank you for your service, David and congratulations on this exciting new chapter!

(Pictured: Mark Andersen, EVP - Northwoods Bank, Lisa and David Shilo - Heavenly Escapes Resort & Terry Stein, VP - MBFC)

Supporting Small Business Through Economic Development! Midwest Business Finance Corporation (MBFC) recently awarded a ...
07/15/2026

Supporting Small Business Through Economic Development!

Midwest Business Finance Corporation (MBFC) recently awarded a $5,000.00 gift to the UW-Eau Claire Small Business Development Center located in Eau Claire, Wisconsin. The SBDC at UW-Eau Claire helps entrepreneurs succeed at any stage. They offer no-cost, confidential consulting and business education across a wide region, primarily serving Barron, Chippewa, Clark, Dunn, Eau Claire, Pepin, Rusk and Taylor counties.

This gift will assist in expanding paid, hands-on learning opportunities for students while increasing no-cost access to critical financial consulting services for small businesses across Wisconsin. The UW-Eau Claire SBDC operates the statewide Capital Access Clinic, a unique program that pairs talented student consultants with entrepreneurs seeking to start, grow, and finance their businesses. In 2025, the program advised 597 Wisconsin entrepreneurs, supported 42 business starts, helped create 279 jobs, and assisted entrepreneurs in securing more than $30.4 million in capital through loans, grants, and owner investments.

Midwest Business Finance Corporation appreciates the partnership with the UW-Eau Claire SBDC and their important guidance and resources given to small businesses!

Pictured: Katy Sly, Vice President-MBFC, Harlie Juedes, Director UW-Eau Claire SBDC, Casey Schumacher, Outreach Program Manager UW-Eau Claire SBDC, Max Filipczak, Admin Student Consultant and Logan Govek, Accounting & Finance Student Consultant

NOTE - Decreased Manufacturing Rate - NEW in FY2026! These are the NEW rates applicable to any new SBA 504 approval in F...
07/10/2026

NOTE - Decreased Manufacturing Rate - NEW in FY2026!

These are the NEW rates applicable to any new SBA 504 approval in FY2026 with the decreased borrower fee that's built into the overall effective rate.

25 Year Rates
6.17% - STANDARD 504 PROJECT
6.18% - 504 REFINANCE PROJECT
5.93% - MANUFACTURING PROJECT

20 Year Rates
6.20% - STANDARD 504 PROJECT
6.21% - 504 REFINANCE PROJECT
5.95% - MANUFACTURING PROJECT

10 Year Rates
6.20% - STANDARD 504 PROJECT
6.21% - 504 REFINANCE PROJECT
5.90% - MANUFACTURING PROJECT

Celebrating Veteran Entrepreneurship! MBFC is honored to present a $3,000 MBFC VetLoan Advantage Rebate to Makayla Norde...
07/08/2026

Celebrating Veteran Entrepreneurship! MBFC is honored to present a $3,000 MBFC VetLoan Advantage Rebate to Makayla Nordean, Kickstart Preschool, LLC - Two Harbors, MN!

This rebate reflects Midwest Business Finance Corporation’s (MBFC) long standing and voluntary commitment to the NADCO VetLoan Advantage program, supporting veteran owned businesses since 2014. Unlike most SBA 504 lenders, MBFC is one of the very few Certified Development Companies that actively participate in this program. To date, MBFC has returned more than $250,000 of its own capital directly to veteran owned small businesses through VetLoan rebates — a meaningful financial commitment that goes well beyond standard SBA lending practices and serves as a tangible tribute to the service and dedication of our nation’s military members.

Makayla Nordean, owner of Kickstart Preschool, LLC partnered with MBFC’s Terry Stein and Kurt Thompson, Northeast Entrepreneur Fund, to secure a SBA 504 loan for the purchase of her building and equipment for the existing business, Kickstart Preschool in Two Harbors, MN.

Kickstart Preschool's mission is to provide the highest quality preschool option for parents in the Two Harbors area. Their programming includes childcare for infants, toddlers, and preschoolers. Kickstart Preschool is unique in that it's the only preschool program in the Two Harbors area licensed as a rule 3 childcare center. They offer a longer and more complete preschool experience for children.

Makayla Nordean is in the Air National Guard and is part of the 148th Fighter Wing. She is an Admin Specialist. Makayla has been deployed overseas to the United Arab Emirates and Saudi Arabia.
Thank you for your service, Makayla and congratulations on this exciting new chapter!

(Pictured: Terry Stein, VP - MBFC & Makayla Nordean, Kickstart Preschool, LLC)

Supporting Small Business Through Economic Development! Midwest Business Finance Corporation (MBFC) recently awarded a ...
06/17/2026

Supporting Small Business Through Economic Development! Midwest Business Finance Corporation (MBFC) recently awarded a $3,000 grant to the Housing and Redevelopment Authority/Economic Development Authority (HRA-EDA) of Chisago County, Minnesota.

The Chisago County HRA-EDA plays a vital role in supporting local economic growth by providing a wide range of resources to both public and private sector partners. Their work includes securing and administering local, state, and federal funding, assisting with business park development, and supporting tax increment financing, tax abatement, and other business incentive programs.

In addition, the HRA-EDA helps new businesses establish operations in the county and supports existing businesses with expansion efforts. Their initiatives also focus on housing rehabilitation, senior housing development, and strengthening the overall commercial and industrial tax base—all while promoting Chisago County as a destination for new business opportunities.

MBFC values its strong partnership with the Chisago County HRA-EDA and appreciates the meaningful impact these resources bring to the Chisago County area.

Pictured: Nancy Hoffman, Exec. Director-Chisago County HRA-EDA & Terry Stein, Vice President-MBFC

Supporting Small Business Through Economic Development! Midwest Business Finance Corporation (MBFC) recently awarded a ...
06/16/2026

Supporting Small Business Through Economic Development!

Midwest Business Finance Corporation (MBFC) recently awarded a $1,500.00 grant to Community and Economic Development Associates (CEDA). CEDA is a nonprofit organization that provides professional economic and community development services to rural municipalities and counties in Minnesota, Wisconsin, and Iowa.

Headquartered in Chatfield, Minnesota, CEDA acts as contracted staff and consultants for small towns that cannot afford to hire full-time, in-house economic development directors. Key services provided by CEDA include municipal staffing, small business assistance, grant writing and management, strategic planning, and workforce development guidance.

Midwest Business Finance Corporation appreciates the partnership with CEDA and resources given to rural communities!

Pictured: Julie Dahlhoff, Vice President - MBFC & Hillary Tweed, Vice President of Minnesota Community Support Program - CEDA

Supporting Small Business Through Economic Development! Midwest Business Finance Corporation (MBFC) recently awarded a ...
06/15/2026

Supporting Small Business Through Economic Development!

Midwest Business Finance Corporation (MBFC) recently awarded a $5,000.00 grant to the Northwest MN Small Business Development Center (hosted by Greater Bemidji) located in Bemidji, MN.

The Northwest MN SBDC provides business advising and training for entrepreneurs and small businesses across their region of NW MN at no cost to the small business. This grant will expand access to expert guidance and capital readiness support, accelerating small business growth and resilience in rural and underserved communities.

The Northwest MN SBDC serves a 12 county region of Northwest MN including Beltrami, Clearwater, Hubbard, Kittson, Lake of the Woods, Mahnomen, Marshall, Norman, Polk, Pennington, Red Lake , and Roseau counties. Of the approximately 325,000 people in the region, the SBDC aims to work with individuals seeking to start, grow, or strengthen a small business, including both aspiring and existing entrepreneurs.

Midwest Business Finance Corporation appreciates the partnership with the Northwest MN SBDC and their important guidance and resources given to small businesses!

Pictured: Mike Stearns, Vice President-MBFC & Philip Knutson, Regional Director-NW MN SBDC

NOTE - Decreased Manufacturing Rate - NEW in FY2026! These are the NEW rates applicable to any new SBA 504 approval in F...
06/15/2026

NOTE - Decreased Manufacturing Rate - NEW in FY2026!

These are the NEW rates applicable to any new SBA 504 approval in FY2026 with the decreased borrower fee that's built into the overall effective rate.

25 Year Rates
6.11% - STANDARD 504 PROJECT
6.12% - 504 REFINANCE PROJECT
5.87% - MANUFACTURING PROJECT

20 Year Rates
6.17% - STANDARD 504 PROJECT
6.17% - 504 REFINANCE PROJECT
5.91% - MANUFACTURING PROJECT

10 Year Rates
5.87% - STANDARD 504 PROJECT
5.88% - 504 REFINANCE PROJECT
5.58% - MANUFACTURING PROJECT

Celebrating Veteran Entrepreneurship! MBFC is honored to present a $3,000 MBFC VetLoan Advantage Rebate to Mark Kaufman,...
06/04/2026

Celebrating Veteran Entrepreneurship! MBFC is honored to present a $3,000 MBFC VetLoan Advantage Rebate to Mark Kaufman, RM Golf Carts - Ramsey, MN!

This rebate reflects Midwest Business Finance Corporation’s (MBFC) long standing and voluntary commitment to the NADCO VetLoan Advantage program, supporting veteran owned businesses since 2014. Unlike most SBA 504 lenders, MBFC is one of the very few Certified Development Companies that actively participate in this program. To date, MBFC has returned more than $245,000 of its own capital directly to veteran owned small businesses through VetLoan rebates — a meaningful financial commitment that goes well beyond standard SBA lending practices and serves as a tangible tribute to the service and dedication of our nation’s military members.

Mark Kaufman, owner of RM Golf Carts, Inc. partnered with MBFC’s Terry Stein and Allen Snegosky, Sherburne State Bank, to secure a SBA 504 loan for the purchase of their building and renovations for their existing business, RM Golf Carts, Inc. in Ramsey, MN.

RM Golf Carts sells, services, and rents golf carts. They specialize in new, refurbished, custom, and used golf carts. Golf carts are not just for golfers anymore as they're becoming very popular with cabin owners and seniors. Golf carts make any public event more accessible, they're perfect for picking up groups of friends, neighbors, kids or grandchildren. The business is open Monday - Friday from 8am to 5pm and open Saturday from 8am to 3pm.

Mark Kaufman is an Army veteran who was stationed in Germany in 1982. He served on active duty for approximately three years as a tank systems mechanic, earning numerous awards for his service.

Thank you, Mark for your service and congratulations on this exciting new chapter!

For additional information about benefits for veteran business owners, contact your MBFC Business Development Officer today by visiting our website at www.mbfc.org.

(Pictured: Terry Stein, VP - MBFC & Mark Kaufman, RM Golf Carts & Nick Kaufman, RM Golf Carts)

Address

616 Roosevelt Road, Ste 200
Saint Cloud, MN
56301

Opening Hours

Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 5pm

Telephone

+13202585000

Website

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