SBA Administrator and Local Officials Spotlight Economic Relief to Minnesota Small Business

Over $10 Million Dollars in ARC Loans Already Disbursed to Nearly 700 Businesses in the Twin Cities Through the U.S. Small Business Administration

SBA Administrator Karen Mills joined Venture Bank at a news conference on Wednesday, September 23 at Crystal Kitchen Center (3620 Winnetka Ave N, Crystal, MN) to recognize the positive impact the American Recovery and Reinvestment Act (ARRA) is having on local small businesses’ ability to secure financing.

JoLynn Johnson of Crystal, Minnesota took advantage of SBA’s loan products by accessing an American Recovery Capital (ARC) loan which helped her meet day to day operating costs. The ARC loan provides no interest, deferred repayment loans of up to $35,000 used to pay down existing debt---providing a “bridge” for viable small businesses facing economic challenges.

“The ARC loans are another tool in the SBA toolkit which can provide critical support to small business owners like JoLynn Johnson to fulfill the American dream and keep their doors open,” said Administrator Karen G. Mills.

SBA’s instant capital infusion allowed JoLynn to get back on track. "Cutting costs, managing expenses and doing everything right doesn’t help when the customers aren’t buying due to uncertainty in the economy," says JoLynn Johnson, President of Crystal Kitchen Center, Inc. "The ARC loan is helping my business survive through these tough economic times."

Since 1975, Crystal Kitchen Center has earned a reputation in the upper Midwest for providing quality and leadership in kitchen and bath design. They work with new construction as well as renovations, providing services from design to complete "turn-key" remodeling. With their 8800 square foot showroom customers can find inspiration for their style. Crystal Kitchen Center prides themselves on designing and supplying cabinetry and counter tops for unique kitchens, bathrooms, entertainment centers, laundry rooms, home offices, lower levels, and outdoor kitchens. Their award-winning Certified Kitchen Designers are also versed in aging-in-place and green design, helping make their customer’s dreams come true.

"Now is the time for SBA loans. With 90% guarantees, temporary fee eliminations and the ARC loan program, Venture Bank is able to meet our goal of helping our customers grow their business and be successful. We are very strong supporters of the SBA loan programs," says Michael T. Zenk, President of Venture Bank. Venture Bank was founded in 2001. They currently maintain three locations in Bloomington, Golden Valley and Eagan. Venture Bank is one of Minnesota’s most active SBA lenders.

Since the signing of ARRA, SBA’s loan products have made a significant impact throughout the State with weekly increases in loan dollar volume. To date, SBA has supported $337.4 million dollars in small business lending to over 1,000 Minnesota small businesses.