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Looking Back and Looking Forward

During this past year CMDC experienced a year like no other in its 43-year history. A sea change began on March 16, 2020, when Minnesota Governor Tim Walz issued an Executive Order directing the closure of bars, restaurants, and other places of public accommodation to minimize the spread of COVID-19.

CMDC was contacted by the Minnesota Department of Employment and Economic Development to assist the state agency with implementing financing initiatives to help businesses that were closed by the Executive Order.

As business conditions continued to deteriorate during the year, CMDC staff pivoted from our normal activities of originating and processing SBA 504 loans to executing business assistance programs being launched by numerous units of government. CMDC staff worked night and day, seven days a week to get this assistance out to small businesses in Minnesota. During the peak of the COVID period our staff delivered assistance to over 620 small businesses throughout our great state totaling over $10,700,000 of emergency assistance.

We did so because just like small business owners, we are passionate about small businesses. It can be very difficult to overcome the challenges of owning and running a small business without a true passion for your work. We have found that most successful small business owners have either directly developed businesses based on their passions, or they are able to incorporate things they are passionate about into the day-to-day operation of their businesses.

All of us at CMDC want to extend our gratitude to the many small business owners and entrepreneurs who charted a course through a year like no other with a can-do attitude and plenty of perseverance. We are proud to have played a small part in keeping the dreams of Minnesota small business owners alive during this difficult time.

As we move closer to the midpoint of 2021, we are very exited about the prospects that lie ahead. The economy is strong and interest rates on SBA 504 loans remain at record lows. Capital is flowing to the small business sector. If you or someone you know needs financing for fixed assets contact us today. We stand ready to help make small business dreams come true.

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