A 504 company in Minnesota

Midwest Business Finance Corporation, a certified development company filed under MN, appears in SBA's records with 1,188 loans and $811.0 million of gross approvals from FY2017 through FY2026. Every loan is SBA 504; no SBA 7(a) loans appear. SBA names Midwest Business Finance Corporation as the lender of record on 504 loans, and a third-party first-lien lender appears only as free text, so none is credited. What follows is SBA's record of 1,188 loans Midwest Business Finance Corporation holds or held, with the guarantee carried by SBA.

Campgrounds beside restaurants

The unclassified loans number 722. Of the named classes, RV parks and campgrounds and full-service restaurants tie at 60 loans each, hotels and motels have 56, automotive repair 44 and limited-service restaurants 43. Minnesota has 1,085 loans, Wisconsin 24, South Dakota 19 and Iowa 7.

Approvals that fell away, loans written off

Cancellations, FY2017 to FY2024 approvals: 12.0% at least, 14.8% at most (undisbursed loans counted as cancelled). No cohort charge-off rate is printed for Midwest Business Finance Corporation under its own rule, given a cohort of fewer than 30 loans; the blank is no zero.

Study questions for 504 projects

An RV park or campground, with 60 loans in this file, calls for a study of site count, season length, nightly rates and off-season income, plus utility capacity and the value of the land. A hotel project needs occupancy, average rate and a renovation reserve. For a restaurant the key is sales per seat and occupancy cost against sales. Since the 504 structure puts a first-lien loan beside the CDC's portion, show the whole capital stack and how the cash flow serves both. Minnesota is where nearly all the holdings sit, so a project elsewhere should explain why this record is relevant, and every case needs a value an appraiser can defend.

Limits of a 504 record

The record is 1,188 loans and $811.0 million, and every loan is SBA 504, so no 7(a) comparison is possible. The class table is led by two classes at 60 loans each, but 722 loans have no class, so the named ones describe a minority of the book. With the charge-off rate suppressed, the lone outcome measure is the cancellation range of 12.0% to 14.8%. A borrower should plan for delay, and build the study on its own evidence.

SBA loans held by Midwest Business Finance Corporation

SBA guarantees these loans; the lender does not. The lender's name and every figure come from the U.S. Small Business Administration's public 7(a) and 504 FOIA file (data.sba.gov).

7(a) lender is the bank or lender the loan is currently assigned to (or last held it), as SBA records it; 504 lender is the Certified Development Company (CDC). 504 third-party (first-lien) lenders are free text with no identifier and are not credited.

Loans approved, FY2017 to FY2026	1,188
Gross dollars approved	$811.0 million
SBA 7(a) loans	0
SBA 504 loans	1,188

Cancellation and charge-off

Cancelled after approval, FY2017 to FY2024 approvals (a floor)	12.0%
The same, counting loans still undisbursed as cancelled (a ceiling)	14.8%
Charged off to date, FY2017 to FY2021 disbursed loans (a floor)	withheld

Both rates are floors. SBA withholds the status of open loans, so a loan counts as charged off only once SBA reports it; a rate needs at least 30 loans in its cohort and is otherwise not reported.

Loans by asset class

Asset class	Loans
Not in any of the 39 asset classes	722
RV park and campground	60
Full-service restaurant	60
Hotel and motel	56
Automotive mechanical repair (car and truck)	44
Limited-service restaurant	43
Assisted living (without nursing care)	22
Self storage	21
Child care center	21
Dental office	19
Gas station and truck stop	15
Beverage manufacturing (breweries, wineries, distilleries)	14
Fitness center	12
Liquor store	9
Beauty salon	9
Skilled nursing	8
Medical office (physicians)	8
Coffee shop and snack bar	7
Veterinary clinic	6
Car wash	5
Nonresidential lessor (flex, office and retail investor buildings)	5
Continuing care retirement community	5

Classes with 5 or more loans; smaller ones are withheld, and more where a small one could be derived.

Loans by project state

State or area	Loans
Minnesota	1,085
Wisconsin	24
South Dakota	19
Iowa	7

States with 5 or more loans; smaller ones are withheld, and more where a small one could be derived.

A value marked withheld rests on fewer than 5 loans, or is withheld so that such a figure cannot be derived from other published figures.

Source: U.S. Small Business Administration, 7(a) and 504 loan-level FOIA files (data.sba.gov), as of 2026-09-30; Loan Analytics lender cell LP-cdc-0188160.

Related feasibility study pages

Loan Analytics prepares the feasibility study a lender reads before it commits: for a commercial project anywhere in the United States, financed under SBA 7(a), SBA 504, USDA Business and Industry or a conventional bank loan, by Midwest Business Finance Corporation or any other lender. Tell us the project and the lender's deadline, and we reply with scope, timeline and fee.

Daniel Smith, MAI

Midwest Business Finance Corporation: SBA Lending Record