MN leads the nation with ARC loans = 181

Here's the latest listing of MN banks that generated an ARC loan;

http://www.sba.gov/idc/groups/public/documents/sba_homepage/sba_recovery_arc_lenders.pdf

SBA Funding for Loan Guarantees may run out by year end.

A great status report by the SBA (including the graphic above) can be found here;

http://sba.gov/idc/groups/public/documents/sba_homepage/recov_perform_reports_07_2009.pdf

From the report; "Approximately 45.1% of total FY2009 and FY2010 funds available for loan approvals in the 7(a) Loan Program, the 504 Loan Program, and the ARC Loan Program have been approved as of July 31, 2009."

A year end re-examination process most likely will result in additional funds allocated to the program based on need and the success of the SBA Loan Guarantee program.

SBA Announces Appointment of Marianne O’Brien Markowitz
As Regional Administrator for Region V

Release Date: August 10, 2009 - - Contact: Carol Wilkerson (312) 353-7327
Release Number: 09-53 - - Internet Address: http://www.sba.gov/news

WASHINGTON – Today, the U.S. Small Business Administration announced the appointment of Marianne O’Brien Markowitz, as the regional administrator in Region V, to oversee the SBA’s programs and services in Minnesota, Ohio, Indiana, Illinois, Michigan and Wisconsin.

“Both the SBA and small businesses of Region V will benefit greatly from Marianne’s financial background,” said SBA Administrator Karen G. Mills in welcoming Markowitz. “With her business experiences, as well as her commitment to serving the community, Marianne will be a tremendous asset and advocate for small businesses and entrepreneurs across the region, especially at this critical time when so many are facing tough challenges as a result of the recession.”

“I am honored to serve the Obama Administration as Regional Administrator of Region V,” said Markowitz. “I am deeply committed to helping Midwestern small businesses compete and succeed by helping them access the expansive services and programs offered by the U.S. Small Business Administration. The economic health of the country relies on small business' ability to create jobs in our communities and I feel very privileged to serve and support the small business community.”

The Region V office, headquartered in Chicago, oversees the SBA’s district offices in Minneapolis, MN; Chicago and Springfield, IL; Indianapolis, IN; Cleveland, Columbus and a satellite office in Cincinnati, OH; Detroit, MI; and Madison and Milwaukee, WI.

Markowitz recently served as the Chief Financial Officer for Obama for America and was previously a financial operations consultant for the campaign. She was an international treasury/financial operations consultant for Syngenta, Inc. from 2000 – 2002 and prior to that served as a treasury and risk manager for Express Scripts, Inc. for two years. Markowitz has an extensive history as a treasury and risk analyst for Midwestern based companies.

Markowitz received her B.S. in business administration from the University of Missouri and her MBA from DePaul University. She and her husband Jeffrey are the proud parents Maura, 7.

# # #

What happens when an SBA guarantee loan goes into default?

When I was a Professional Business Consultant with the Missouri SBDC program, I worked hard with a client to obtain an SBA guaranteed loan that eventually went into default. I was very disappointed, as was the bank President. During our conversation, he explained to me the process of working with the SBA to make good on the guarantee. It was the first time I had a glimpse into that part of the process from the banker's perspective.

To better understand that process, here is a 'flowchart' of the process from Ethan Smith, Partner at Starfield & Smith, P.C. and provided by the Coleman SBA Daily Lender website.

http://www.colemanpublishing.com/public/GuarantyPurchaseProcessFlow.jpg

When I was the Regional Director of the UC Merced CA-SBDC, I arranged for a tour of the Commercial Loan Service Center in Fresno graciously provided by Mr. Joel Stiner the Director of the center. He runs a great operation there and explained the metrics and the incredible volume of loans that goes through there with a dedicated, relatively small number of staff. He also showed me the hugh file area where all of the inevitable paperwork trails each and every loan made. It was a very impressive operation, and Mr. Stiner's cheerful enthusiam for the center and the people that support it was contagious.

USDA will loan up to $1.7 billion to fund projects that help spur business activity and economic growth in rural communities

WASHINGTON, July 29, 2009 – Agriculture Secretary Tom Vilsack today announced that USDA is now accepting applications for up to $1.7 billion to fund projects that help spur business activity and economic growth in rural communities. This infusion of money from the American Recovery and Reinvestment Act into rural business is designed to create and save jobs and help rural communities grow and prosper.

“The Recovery Act funds announced today will help businesses get access to the capital they need to launch and expand their businesses and help bring additional jobs to America’s small cities and towns,” said Vilsack. “President Obama and I are committed to building strong rural communities by helping businesses grow so we can put people back to work.”

The funding announced today will be made available through USDA Rural Development’s Business and Industry Guaranteed Loan program, which supports the development of private businesses. Eligible applicants include cooperative organizations, corporations, partnerships, nonprofit groups; federally recognized Indian tribes, public bodies and individuals. The funds will be targeted to creating and retaining quality jobs and serving difficult to reach populations, and areas hardest hit by the current economic downturn.

USDA will accept applications for this Business and Industry Guaranteed Loan program until Sept. 15, 2010, or until all funds are expended. Recovery Act funding will be available through Sept. 30, 2010. For information on eligibility criteria and for application assistance, please contact your state Rural Development office, or visit www.rurdev.usda.gov for a listing of all state offices.

Past examples of USDA Business and Industry Guaranteed Loans include:

A&C Sawdust in Crivitz, Wisc., received a $3.48 million guaranteed loan to refinance the costs to make real estate improvements and buy a wood grinder and wood dryer to expand business operations. A&C Sawdust was formed 40 years ago as a trucking business. The family-owned company also has a division, L&M Sawdust, that converts green sawdust into livestock bedding that is sold to local farmers. A third unit of the company, L&M Custom Drying, LLC, converts green sawdust into biomass pellets, a renewable fuel source. The funding provided by USDA Rural Development is expected to save or create 23 jobs in an area of the state that has lost jobs due to the closing of several paper mills.

Pennsylvania-based Keystone Potato Products, LLC, used a $4.9 million USDA Business and Industry Guaranteed Loan to develop an 86-acre site, construct a potato processing facility, purchase new machinery and equipment, and finance start-up costs. More than $2.8 million was private investment. This facility, which turns off-grade potatoes into flakes and other products, has reduced transport costs for potato suppliers and also created a new market for potato products. More than 40 jobs were created as a result of funding from this project.

More information about USDA’s Recovery Act efforts is available at www.usda.gov/recovery. More information about the Federal government’s efforts on the Recovery Act is available at www.recovery.gov.

USDA Rural Development’s mission is to increase economic opportunity and improve the quality of life for rural residents. Rural Development fosters growth in homeownership, finances business development, and supports the creation of critical community and technology infrastructure. Further information on rural programs is available at a local USDA Rural Development office or by visiting USDA Rural Development’s web site at www.rurdev.usda.gov.
###

Listing of MN Banks making SBA ARC Loans

Below is the URL to the listing of banks making ARC loans.

For your Convenience, I have extracted and pasted all the MN Banks below in alpha order. Check the weblink, since it will be updated weekly.

http://www.sba.gov/idc/groups/public/documents/sba_homepage/sba_recovery_arc_lenders.pdf



Lender // States Where Loans Made// Website
Access Bank MN www.accessbank.com

Alliance Bank MN www.alb.kz

American Heritage National Bank MN www.logbank.com

BankCherokee MN www.bankcherokee.com

BankVista MN www.bankvista.com
BANKWEST MN www.bankwestmn.com

Central Bank MN, WI www.centralbankar.com

Citizens Bank & Trust Co MN www.cbhutch.com

Citizens State Bank IA, MN, WI #N/A

Citizens State Bank of Waverly (Incorporated) MN www.bankwaverly.com

Community Bank Mankato MN www.cbfg.net

Community Bank of the Red River Valley MN www.cbrrv.com
Community Bank, Austin MN #N/A

Falcon National Bank MN www.falconnational.com
Farmers and Merchants State Bank of Blooming Prairie MN www.fmbankmn.com

Farmers State Bank of Madelia, Inc. MN www.madelia.com

First Minnetonka City Bank MN #N/A

First National Bank of the Lakes MN www.fnblonline.com

First National Bank of the North MN www.fnbns.com

First State Bank of Grove City MN #N/A
First State Bank of St. Joseph MN www.fsbstjoseph.com

Flagship Bank Minnesota MN www.flagshipbanks.com

Frandsen Bank & Trust MN www.frandsenbank.com

Freeport State Bank MN #N/A

Kanabec State Bank MN www.kanabecstatebank.com

Lake Elmo Bank MN www.lakeelmobank.com

Mid-Minnesota FCU MN #N/A

Minnesota National Bank MN www.mn‐bank.com

North American Banking Company MN www.nabankco.com

Northern National Bank MN www.northernnationalbank.com

Peoples National Bank of Mora MN www.pnbmora.com

Premier Bank MN www.premier‐bk.com
Prior Lake State Bank MN www.priorlake.com

Republic Bank, Inc. MN www.bankrepublic.com

Security Bank and Trust Company MN www.security‐banks.com
Security Bank USA MN www.securitybankusa.com

Security State Bank of Fergus Falls MN www.ssbfergus.com
Security State Bank of Hibbing MN www.ssbhibbing.com

SouthPoint FCU MN #N/A

The Bank of Elk River MN www.thebankofelkriver.com

The First National Bank of Cokato MN #N/A

The First National Bank of Plainview MN www.fnbplainview.com
The First National Bank of River Falls MN, WI www.fnbrf.com

The Lake Bank MN www.thelakebank.com

The RiverBank MN, WI #N/A

United Community Bank MN www.ucbi.com

United Minnesota Bank MN www.unitedminnesotabank.com
United Prairie Bank MN www.unitedprairiebank.com

Voyager Bank MN www.voyagerbank.com

Western National Bank MN www.wbduluth.com

Western National Bank of Cass Lake MN www.wbcasslake.com

Woodland Bank MN www.woodlandbank.com
Woodlands National Bank MN #N/A

Everyone’s at Risk – Combating the Increasing Threat of Online Fraud and Identity Theft

A National Phone Forum presented by the IRS Stakeholder Liaison

Date: August 19, 2009
Cost: FREE
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This IRS phone forum is for:

• Tax professionals
• Attorneys
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Learn about:

IRS identity protection efforts
Process for reporting tax-related identity theft
Victim assistance
IRS efforts to combat online fraud targeted at taxpayers
How to report phishing schemes targeted at taxpayers

Earn Continuing Professional Education credit

• Enrolled agents receive one CPE credit for a minimum 50-minute participation from the start of the forum.
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