2024-02-12T11:24:17-06:00 2023-09-30 541487262 MATTHEWS CARTER & BOYCE 12500 FAIR LAKES CIRCLE SUITE 260 FAIRFAX VA 22033 990 2022-10-01 541193174 BUSINESS FINANCE GROUP INC BUSI 7033520504 3930 PENDER DRIVE 300 FAIRFAX VA 220300986 RICHARD G FRANK PRESIDENT 7033520504 2024-02-09 1 RICHARD FRANK 999009999 1 GREG ASKEY P00064245 7032183600 2024-02-09 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z RICHARD G FRANK 3930 PENDER DRIVE 300 FAIRFAX VA 220300986 4675831 0 X WWW.BUSINESSFINANCEGROUP.ORG X 1982 VA THE COMPANY WAS CERTIFIED BY THE SMALL BUSINESS ADMINISTRATION TO ADMINISTER ITS 504 LOAN PROGRAM. THE PROGRAMS LOAN FUNDS TO QUALIFIED BUSINESSES TO PROMOTE ECONOMIC DEVELOPMENT AND JOB CREATION AND RETENTION. THE COMPANY IS APPROVED AS AN SBA 504 LENDER AND AS A COMMUNITY ADVANTAGE LENDER (CA) BY THE SMALL BUSINESS ADMINISTRATION. THE COMPANY ALSO PROVIDES FIXED RATE TERM LOANS TO SMALL BUSINESSES THROUGH THE BFG "GO" LOAN PROGRAM. THESE PROGRAMS FURTHER THE MISSION OF PROMOTING ECONOMIC DEVELOPMENT IN THE COMPANY'S AREA OF OPERATIONS. 13 13 31 13 0 0 0 0 4577496 4612765 11614 63066 0 0 4589110 4675831 0 0 0 0 3596819 3617781 0 0 0 716365 850049 4313184 4467830 275926 208001 8925508 8201932 4614618 3683041 4310890 4518891 X TO PROMOTE ECONOMIC VITALITY IN THE MID-ATLANTIC REGION BY ASSISTING GROWING SMALL BUSINESSES WITH FINANCING. THE PROGRAM LOANS FUNDS TO QUALIFIED BUSINESSES TO PROMOTE ECONOMIC DEVELOPMENT AND JOB CREATION. IN ADDITION TO ITS CORE SBA 504 PROGRAM THE COMPANY HAS BEEN APPROVED AS A COMMUNITY ADVANTAGE LENDER (CA) BY THE SMALL BUSINESS ADMINISTRATION (SBA). THESE PROGRAMS FURTHER THE MISSION OF PROMOTING ECONOMIC DEVELOPMENT IN THE COMPANY'S AREA OF OPERATIONS. SMALL LOANS FOR WORKING CAPITAL AND EQUIPMENT ARE NOT READILY AVAILABLE FROM TRADITIONAL LENDING SOURCES, BUT ARE ESSENTIAL FOR SMALL BUSINESSES TO GROW AND CREATE JOBS. 0 0 THE COMPANY WAS CERTIFIED BY THE SMALL BUSINESS ADMINISTRATION TO ADMINISTER ITS 504 LOAN PROGRAM. THE PROGRAM LOANS FUNDS TO QUALIFIED BUSINESSES TO PROMOTE ECONOMIC DEVELOPMENT AND JOB CREATION AND RETENTION.IN ADDITION TO ITS CORE SBA 504 LOAN PROGRAM, THE COMPANY HAS BEEN APPROVED BY THE SMALL BUSINESS ADMINISTRATION AS A COMMUNITY ADVANTAGE LENDER (CA). THE COMPANY SERVICED CA PROGRAM LOANS DURING THE CURRENT FISCAL YEAR. IN ADDITION, THE COMPANY PROVIDES FIXED RATE TERM LOANS TO SMALL BUSINESSES KNOWN AS BUSINESS FINANCE GROUP GROWTH OPPORTUNITY (BFG "GO") LOANS. THESE LOANS WERE FORMERLY MADE AS SBA INTERMEDIARY LENDING PILOT (ILP) LOANS BUT THE COMPANY HAS NOW EXITED THAT PROGRAM. THESE PROGRAMS PROMOTE ECONOMIC DEVELOPMENT. 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 22 0 1 31 1 0 0 0 0 0 0 0 0 X 13 13 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X THE ORGANIZATION 7033520504 3930 PENDER DRIVE 300 FAIRFAX VA 220300986 JAMES SCANLON DIRECTOR 2.00 X 0 0 0 TOMMIE CRITCHFIELD SECRETARY 2.00 X 0 0 0 JOSEPH B HUMPHRIES TREASURER 2.00 X 0 0 0 T SEAN E ROGSTAD PAST CHAIRMAN 2.00 X 0 0 0 JOHN J YOUNG ASSISTANT TREASURER 2.00 X 0 0 0 SUSAN BANKS DIRECTOR 2.00 X 0 0 0 SCOT R BROWNING VICE CHAIRMAN 2.00 X 0 0 0 MICHAEL W CLARKE DIRECTOR 2.00 X 0 0 0 SARAH DEVOE CHAIRMAN 2.00 X 0 0 0 DEBORAH MINOR DIRECTOR 2.00 X 0 0 0 HELEN PROPHETER ASSISTANT SECRETARY 2.00 X 0 0 0 JOHN BAIOCCO DIRECTOR 2.00 X 0 0 0 CARL HAIRSTON DIRECTOR 2.00 X 0 0 0 RICHARD FRANK PRESIDENT/CEO 40.00 X 402095 0 13625 JASON PAISLEY SR. VICE PRESIDENT/LOAN OF 40.00 X 197746 0 7889 ANGELA SMITH SR. VICE PRESIDENT, SERVIC 40.00 X 208096 0 8283 SHARON MASIN DIRECTOR, FINANCE & ACC 40.00 X 176294 0 7011 GERALD BAROUDI SR. VICE PRESIDENT/LOAN OF 40.00 X 206279 0 8231 MARC OHLER CHIEF CREDIT OFFICER 40.00 X 187758 0 5464 1378268 0 50503 12 0 1 0 0 SERVICE FEES 900099 2805484 2805484 PROCESSING FEES 900099 1050233 1050233 FLOAT INCOME 900099 653790 653790 INTEREST INCOME - CLP 900099 103247 103247 OTHER INCOME 900099 11 11 4612765 63066 63066 4675831 4612765 0 63066 423044 2416435 117124 459393 201785 30360 44380 32151 39322 110159 152508 72654 19666 81110 72736 31835 BAD DEBT EXPENSE 74126 EQUIPMENT RENTAL AND MA 34448 DIRECT LOAN COSTS 33272 MEMBERSHIP DUES 16147 5175 4467830 1602813 820069 2567931 2818130 1034550 861671 29104 29046 3718570 1672014 2116127 2046556 1197103 1062405 377880 564055 8925508 8201932 527477 602830 802607 743896 1134026 1064568 564730 0 1585778 1271747 4614618 3683041 X 4310890 4518891 4310890 4518891 8925508 8201932 208001 0 X 0 1 X 1 0 3417021 1409028 2007993 101304 83269 18035 200245 179717 20528 2046556 NOTES RECEIVABLE - COMMUNITY LOAN PROGRAMS 1062405 C 1062405 ACCRUED INTEREST RECEIVABLE 351808 EXECUTIVE DEFERRED COMP 202157 DEFERRED CA LOAN FEES 10090 564055 LOAN APPLICATION DEPOSITS 288650 DEFERRED COMPENSATION BENEFIT 202157 PAYABLE UNDER CA LOAN AGREEMENTS 780940 1271747 X PART X, LINE 2: THE COMPANY IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE AND THE APPLICABLE INCOME TAX REGULATIONS OF THE COMMONWEALTH OF VIRGINIA ON INCOME OTHER THAN UNRELATED BUSINESS INCOME. THE COMPANY AND ITS WHOLLY OWNED SUBSIDIARIES HAD NO UNRELATED TAXABLE BUSINESS INCOME DURING THE YEARS ENDED SEPTEMBER 30, 2023 AND 2022. WHILE THE COMPANY IS NOT TAXED FOR FEDERAL AND STATE INCOME TAX PURPOSES, THE COMPANY'S POLICY IS TO EVALUATE AND REVIEW ITS TAX POSITIONS ON AN ONGOING BASIS TO ENSURE COMPLIANCE WITH THE APPLICABLE PORTIONS OF THE INTERNAL REVENUE CODE. X X X X 0 1 0 RICHARD FRANK PRESIDENT/CEO 289975 0 100000 0 12120 0 13625 0 0 0 415720 0 0 0 ANGELA SMITH SR. VICE PRESIDENT, SERVIC 168967 0 23515 0 15614 0 8283 0 0 0 216379 0 0 0 GERALD BAROUDI SR. VICE PRESIDENT/LOAN OF 87500 0 105984 0 12795 0 8231 0 0 0 214510 0 0 0 JASON PAISLEY SR. VICE PRESIDENT/LOAN OF 87500 0 98126 0 12120 0 7889 0 0 0 205635 0 0 0 MARC OHLER CHIEF CREDIT OFFICER 142123 0 33515 0 12120 0 5464 0 0 0 193222 0 0 0 SHARON MASIN DIRECTOR, FINANCE & ACC 138525 0 18515 0 19254 0 7011 0 0 0 183305 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF THE CORPORATION MUST BE REPRESENTATIVE OF AND ACTIVELY SUPPORT BUSINESSES AND ORGANIZATIONS CONCERNED WITH ECONOMIC DEVELOPMENT WITHIN THE AREA OF OPERATIONS. NO PERSON OR ENTITY MAY OWN OR CONTROL MORE THAN TEN PERCENT (10%) OF THE CORPORATION'S MEMBERSHIP VOTING RIGHTS. THE CORPORATION'S MEMBERSHIP MUST INCLUDE REPRESENTATION FROM EACH OF THE FOLLOWING GROUPS: A. GOVERNMENT ORGANIZATIONS RESPONSIBLE FOR ECONOMIC DEVELOPMENT WITHIN THE CORPORATION'S AREA OF OPERATIONS AND ACCEPTABLE TO THE U.S. SMALL BUSINESS ADMINISTRATION; B. FINANCIAL INSTITUTIONS THAT PROVIDE COMMERCIAL LONG-TERM FIXED ASSET FINANCING WITHIN THE CORPORATION'S AREA OF OPERATIONS; C. COMMUNITY ORGANIZATIONS DEDICATED TO ECONOMIC DEVELOPMENT IN THE CORPORATION'S AREA OF OPERATIONS, SUCH AS CHAMBERS OF COMMERCE, FOUNDATIONS, TRADE ASSOCIATIONS, COLLEGES OR UNIVERSITIES; AND D. BUSINESSES OPERATING WITHIN THE CORPORATION'S AREA OF OPERATIONS. FORM 990, PART VI, SECTION A, LINE 7A THE ORGANIZATION'S DIRECTORS ARE ELECTED BY THE MEMBERS OF THE ORGANIZATION AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS APPROVE THE DECISION OF THE GOVERNING BODY TO MERGE OR CONSOLIDATE, DISSOLVE THE ORGANIZATION, AND AMEND THE ARTICLES OF INCORPORATION. FORM 990, PART VI, SECTION B, LINE 11B THE AUDIT COMMITTEE SERVES AS THE PRIMARY REVIEW COMMITTEE FOR TAX FILINGS. BOARD MEMBERS ARE THEN SENT COPIES TO REVIEW AND APPROVE AT THE BOARD MEETING PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, THE ORGANIZATION ASKS THE DIRECTORS IF THEY HAVE ANY CONFLICTS. ADDITIONALLY, EMPLOYEES ARE ASKED IF THEY HAVE ANY CONFLICTS DURING ANNUAL EMPLOYEE REVIEWS. CERTIFICATIONS ARE EXECUTED ANNUALLY BY DIRECTORS AND EMPLOYEES. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION AND BENEFITS COMMITTEE PREPARES AND SUBMITS RECOMMENDATIONS FOR COMPENSATION TO THE BOARD TO REVIEW AND APPROVE. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST TO ANY MEMBER OF THE PUBLIC THAT REQUESTS THEM. VAFC REINVESTMENT LLC 3930 PENDER DRIVE UNIT 300 FAIRFAX VA 22030 050567771 COMMERCIAL LOANS VA BUSINESS FINANCE GROUP INC COMMUNITY GROWTH CAPITAL LLC 3930 PENDER DRIVE UNIT 300 FAIRFAX VA 22030 542063432 COMMERCIAL LOANS VA BUSINESS FINANCE GROUP INC BFG PROPERTIES LLC 3930 PENDER DRIVE UNIT 300 FAIRFAX VA 22030 260338855 HOLDS TITLE TO OFFICE CONDO VA 2040393 BUSINESS FINANCE GROUP INC