December 30, 2013
We Ended the Year on a High Note and a Low Rate!
2013 was an exciting year for CMDC and the small business owners and lenders we partnered with in Minnesota. There were certainly some highs and some lows, but overall it was a good year that showed more stability in the economy and increased small business growth in Minnesota. The outlook for 2014 is optimistic with manufacturing projected to be a growth industry in MN.
The 20-year SBA 504 interest rate ended 2013 at 5.458%, which is lower than it was in September. The year's lowest rate was 4.14% in May.
CMDC ranked in the Top 10 of All SBA Lenders in Minnesota with a Cumulative Economic Development Impact:
- Total Projects: 541
- Value of Projects : $477,513,000
- Job Created: 10,210
Looking Forward to 2014 with Optimism
Mark Twain wrote, "Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover." At CMDC, our loan officers and staff are optimists. We know that there will always be ebbs and flows in business, but without the risk of stepping out of one's comfort zone there is no change in the direction.
Other optimists include Minnesota manufacturers who are expecting Manufacturing to be a growth industry in 2014. The Minnesota Business Magazine reported in January 2014 that those working in Minnesota