2025-02-15T08:58:39-06:00 2024-09-30 541487262 MATTHEWS CARTER & BOYCE 12500 FAIR LAKES CIRCLE SUITE 260 FAIRFAX VA 22033 990 2023-10-01 541193174 BUSINESS FINANCE GROUP INC BUSI 7033520504 3930 PENDER DRIVE 300 FAIRFAX VA 22030 RICHARD G FRANK PRESIDENT 7033520504 2025-02-10 1 1 GREG ASKEY P00064245 7032183600 2025-02-10 2023 2025-03-06 01:10:19Z RICHARD G FRANK 3930 PENDER DRIVE 300 FAIRFAX VA 22030 5063575 0 X WWW.BUSINESSFINANCEGROUP.ORG X 1982 VA OUR MISSION IS TO HELP SMALL BUSINESSES SUCCEED THROUGH CREATIVE FINANCING SOLUTIONS DEVELOPED BY A QUALIFIED AND EXPERT TEAM OF PROBLEM SOLVERS. WE FOCUS ON STRENGTHENING COMMUNITIES AND PROMOTING ECONOMIC DEVELOPMENT THROUGH THE GROWTH OF OUR SMALL BUSINESS BORROWERS AS WELL AS THROUGH COMMUNITY SERVICE PROJECTS. WE PROVIDE OUTSTANDING CUSTOMER SERVICE TO OUR SMALL BUSINESSES AND OUR LENDING PARTNERS. WE FOSTER A WORK ENVIRONMENT THAT VALUES AND RESPECTS OUR STAFF. 13 13 25 13 0 0 0 0 4612765 4932326 63066 121220 0 0 4675831 5053546 0 0 0 0 3617781 3838131 0 0 0 850049 866384 4467830 4704515 208001 349031 8201932 8339857 3683041 3471935 4518891 4867922 X OUR MISSION IS TO HELP SMALL BUSINESSES SUCCEED THROUGH CREATIVE FINANCING SOLUTIONS DEVELOPED BY A QUALIFIED AND EXPERT TEAM OF PROBLEM SOLVERS. WE FOCUS ON STRENGTHENING COMMUNITIES AND PROMOTING ECONOMIC DEVELOPMENT THROUGH THE GROWTH OF OUR SMALL BUSINESS BORROWERS AS WELL AS THROUGH COMMUNITY SERVICE PROJECTS. WE PROVIDE OUTSTANDING CUSTOMER SERVICE TO OUR SMALL BUSINESSES AND OUR LENDING PARTNERS. WE FOSTER A WORK ENVIRONMENT THAT VALUES AND RESPECTS OUR STAFF. 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 21 0 1 25 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 22030 JAMES SCANLON DIRECTOR 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 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 SECRETARY 2.00 X 0 0 0 AL GARCIA DIRECTOR 2.00 X 0 0 0 JENNIFER JONES DIRECTOR 2.00 X 0 0 0 RICHARD FRANK PRESIDENT/CEO 40.00 X 412998 0 11820 MELISSA BURROUGHS VP/LOAN OFFICER 40.00 X 190631 0 7801 ANGELA SMITH SR. VICE PRESIDENT,SERVICE 40.00 X 211176 0 8406 SHARON MASIN DIRECTOR, FINANCE & ACC 40.00 X 182726 0 7265 GERALD BAROUDI SR. VICE PRESIDENT/LOAN OF 40.00 X 277958 0 10014 MARC OHLER CHIEF CREDIT OFFICER 40.00 X 191311 0 5707 1466800 0 51013 14 0 1 0 0 SERVICE FEES 900099 2887447 2887447 PROCESSING FEES 900099 1235537 1235537 FLOAT INCOME 900099 732420 732420 INTEREST INCOME - CLP 900099 77282 77282 OTHER INCOME 900099 -360 -360 4932326 131249 131249 10029 -10029 -10029 -10029 5053546 4932326 0 121220 430283 2541352 124924 531475 210097 9298 47267 34978 36134 109722 159667 89570 26402 53534 70839 37227 BAD DEBT EXPENSE 81439 DIRECT LOAN COSTS 52757 EQUIPMENT RENTAL AND MA 32430 MEMBERSHIP DUES 17779 7341 4704515 820069 1055776 2818130 3031906 861671 827011 29046 48254 3740539 1720559 2046556 2019980 1062405 732966 0 6319 564055 617645 8201932 8339857 602830 661475 743896 736579 1064568 992880 1271747 1081001 3683041 3471935 X 4518891 4867922 4518891 4867922 8201932 8339857 349031 0 X X 0 1 X 1 0 3417021 1468389 1948632 109043 93506 15537 214475 158664 55811 2019980 NOTES RECEIVABLE - COMMUNITY LOAN PROGRAMS 732966 C 732966 ACCRUED INTEREST RECEIVABLE 378329 EXECUTIVE DEFERRED COMP 229477 DEFERRED CA LOAN FEES 9839 617645 LOAN APPLICATION DEPOSITS 326914 DEFERRED COMPENSATION BENEFIT 229477 PAYABLE UNDER CA LOAN AGREEMENTS 524610 1081001 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, 2024 AND 2023. 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 299978 0 100000 0 13020 0 11820 0 0 0 424818 0 0 0 GERALD BAROUDI SR. VICE PRESIDENT/LOAN OF 87500 0 173230 0 17228 0 10014 0 0 0 287972 0 0 0 ANGELA SMITH SR. VICE PRESIDENT,SERVICE 174641 0 23515 0 13020 0 8406 0 0 0 219582 0 0 0 MELISSA BURROUGHS VP/LOAN OFFICER 85000 0 92611 0 13020 0 7801 0 0 0 198432 0 0 0 MARC OHLER CHIEF CREDIT OFFICER 157208 0 21083 0 13020 0 5707 0 0 0 197018 0 0 0 SHARON MASIN DIRECTOR, FINANCE & ACC 144317 0 18515 0 19894 0 7265 0 0 0 189991 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. FORM 990, PART XII, LINE 2C: THERE WAS NO CHANGE FROM PRIOR YEAR. 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 1980612 BUSINESS FINANCE GROUP INC