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Nonprofit · EIN 41-1846655

MIDWEST BUSINESS FINANCE CORPORATION

Tax-exempt · SAINT CLOUD, MN 56301

Financials

$4.2M$3.9M2022$4.3M$3.5M2023$4.4M$3.3M2024
Revenue Expenses · by fiscal year end
Financials of MIDWEST BUSINESS FINANCE CORPORATION by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
September 30, 2025990$4,432,392$3,337,212$1,095,180$8,029,828$784,693$7,245,135
September 30, 2024990$4,303,425$3,545,186$758,239$7,238,812$1,088,857$6,149,955
September 30, 2023990$4,245,343$3,921,562$323,781$6,667,308$1,275,592$5,391,716
Financial details: 990 for the year ended September 30, 2025

Revenue

Contributions, gifts and grants
$0
Program service revenue
$4,270,385
Investment income
$205,908
Net rental income
-$43,901
Net gain from sales of assets
$60,829
Other revenue
-$43,901

Expenses

Grants and similar amounts paid
$88,639
Compensation of officers, directors and key employees
$382,759
Salaries, compensation and benefits (total)
$2,334,326
Professional fundraising fees
$0
Legal fees
$88,355
Accounting fees
$44,564
Occupancy
$129,773
Travel
$120,877
Depreciation
$15,775
Program services (functional)
$2,588,839
Management and general (functional)
$748,373

Balance sheet and other

Total assets, start of year
$7,238,812
Total assets, end of year
$8,029,828
Total liabilities, end of year
$784,693
Net assets, end of year
$7,245,135
Land, buildings and equipment
$1,339,684
Net assets without donor restrictions
$7,189,217
Net assets with donor restrictions
$55,918
Gross unrelated business income
-$17,999
Gross receipts
$4,784,088
Employees
17
Volunteers
0
Year formed
1996
State of legal domicile
MN

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended September 30, 2025, highest compensation first.

NameTitleHours / weekCompensationOther / benefits
NADENE KRUIZEPRESIDENT & CEO
Officer
40$317,546$49,672
JOSEPH KAMMERMEIERVICE PRESIDENT BUSINESS DE
Highest-paid employee
40$174,797$30,921
TERRY STEINVICE PRESIDENT BUSINESS DE
Highest-paid employee
40$162,965$38,945
MICHAEL STEARNSVICE PRESIDENT BUSINESS DE
Highest-paid employee
40$149,923$43,197
JOSHUAA LAFFENVICE PRESIDENT BUSINESS DE
Officer
40$137,108$34,530
SARAH BORGMANCHIEF CREDIT OFFICER
Officer
40$130,779$26,730
JENNIFER FITZPATRICKVICE PRESIDENT, LOAN PORTF
Officer
40$120,591$33,239
MAURICE DURHEIMBOARD MEMBER
Officer
1$6,300$0
CAROL ANDERSONCHAIRMAN
Officer
1$5,400$0
DUSTEN JOHNSONBOARD MEMBER
Trustee or director
1$4,800$0
BOB PALMQUISTTREASURER
Officer
1$4,800$0
DALE UMLAUFSECRETARY
Officer
1$4,800$0
DAN NYGAARDVICE CHAIR
Trustee or director
1$3,900$0
MATTHEW DOROTHYBOARD MEMBER
Trustee or director
1$3,600$0
CHAD SYLTIEBOARD MEMBER
Trustee or director
1$3,600$0
3 more people on this return
NameTitleHours / weekCompensation
MARK SCHIKBOARD MEMBER
Trustee or director
1$3,600
NANCY HOFFMANBOARD MEMBER
Trustee or director
1$3,600
JAMES VRCHOTABOARD MEMBER
Trustee or director
1$2,700
990 for the year ended September 30, 2024: 18 people
NameTitleHours / weekCompensationOther / benefits
THOMAS SAEHRFORMER PRESIDENT & CEO/BOA
Officer
40$351,007$29,139
NADENE KRUIZEPRESIDENT & CEO
Officer
40$259,407$44,321
JOSEPH KAMMERMEIERVICE PRESIDENT BUSINESS DE
Highest-paid employee
40$158,090$34,208
TERRY STEINVICE PRESIDENT BUSINESS DE
Highest-paid employee
40$149,591$35,640
MICHAEL STEARNSVICE PRESIDENT BUSINESS DE
Highest-paid employee
40$137,757$39,224
JENNIFER FITZPATRICKVICE PRESIDENT, LOAN PORTF
Officer
40$113,322$30,969
SARAH BORGMANCHIEF CREDIT OFFICER
Officer
40$101,919$24,087
MAURICE DURHEIMCHAIRMAN
Officer
1$7,200$0
DUSTEN JOHNSONBOARD MEMBER
Trustee or director
1$4,800$0
CAROL ANDERSONVICE CHAIR
Officer
1$4,800$0
BOB PALMQUISTTREASURER
Officer
1$4,800$0
DALE UMLAUFSECRETARY
Officer
1$4,800$0
MATTHEW DOROTHYBOARD MEMBER
Trustee or director
1$3,600$0
CHAD SYLTIEBOARD MEMBER
Trustee or director
1$3,600$0
MARK SCHIKBOARD MEMBER
Trustee or director
1$3,600$0
DAN NYGAARDBOARD MEMBER
Trustee or director
1$3,600$0
NANCY HOFFMANBOARD MEMBER
Trustee or director
1$3,600$0
JAMES VRCHOTABOARD MEMBER
Trustee or director
1$3,600$0
990 for the year ended September 30, 2023: 22 people
NameTitleHours / weekCompensationOther / benefits
THOMAS SAEHRFORMER PRESIDENT & CEO/BOARD MEMBER
Officer
40$312,815$49,206
NADENE KRUIZEPRESIDENT & CEO
Officer
40$265,474$45,743
JOSEPH KAMMERMEIERVICE PRESIDENT BUSINESS DE
Highest-paid employee
40$159,657$40,016
TERRY STEINVICE PRESIDENT BUSINESS DE
Highest-paid employee
40$152,144$34,414
MICHAEL STEARNSVICE PRESIDENT BUSINESS DE
Highest-paid employee
40$143,981$38,143
PAMELA BURNSIDEVICE PRESIDENT BUSINESS DE
Highest-paid employee
40$135,604$29,093
JENNIFER FITZPATRICKVICE PRESIDENT, LOAN PORTFOLIO OFFICER
Officer
40$105,877$30,100
SARAH BORGMANCHIEF CREDIT OFFICER
Officer
40$101,185$24,111
MICHELLE MUELLERVICE PRESIDENT BUSINESS DE
Highest-paid employee
40$112,737$6,764
MAURICE DURHEIMCHAIRMAN
Officer
1$7,200$0
DUSTEN JOHNSONBOARD MEMBER
Trustee or director
1$4,800$0
DALE UMLAUFSECRETARY
Officer
1$4,800$0
BOB PALMQUISTTREASURER
Officer
1$4,800$0
CAROL ANDERSONVICE CHAIR
Officer
1$4,800$0
JAMES VRCHOTABOARD MEMBER
Trustee or director
1$3,600$0
NANCY HOFFMANBOARD MEMBER
Trustee or director
1$3,600$0
DAN NYGAARDBOARD MEMBER
Trustee or director
1$3,600$0
MARK SCHIKBOARD MEMBER
Trustee or director
1$3,600$0
CHAD SYLTIEBOARD MEMBER
Trustee or director
1$3,600$0
MATTHEW DOROTHYBOARD MEMBER
Trustee or director
1$3,600$0
JOHN HERGESBOARD MEMBER
Trustee or director
1$3,000$0
JASON MURRAYBOARD MEMBER
Trustee or director
1$3,000$0

Address and contacts

Address (IRS master file)
616 ROOSEVELT RD STE 200, SAINT CLOUD, MN 56301-4909
Principal officer (990 for 2024)
NADENE KRUIZE, 616 ROOSEVELT RD 200, ST CLOUD, MN 56301
Signed the 990
NADENE KRUIZE, PRESIDENT & CEO
Phone
(320) 258-5000
Return prepared by
MILLER WELLE HEISER & CO LTD

Mission

TO PROMOTE SMALL BUSINESS & JOBS

990 for the year ended September 30, 2025

Program accomplishments

  • TO PROMOTE SMALL BUSINESS & JOB CREATION IN MINESOTA THROUGH THE U.S. SMALL BUSINESS ADMINISTRATION, ZERO SUBSIDY, SECTION 504 LOAN PROGRAM AUTHORIZED BY TITLE V OF THE SMALL BUSINESS INVESTMENT ACT, TITLE 15 U.S.C. CHAPTER 14B.
    Expenses $2,588,839 · grants $88,639 · revenue $4,476,293

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in September, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025September 30, 2026February 16, 2027Not due yet
2024September 30, 2025February 17, 2026990 on file
2023September 30, 2024February 18, 2025990 on file

IRS record

EIN
41-1846655
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Publicly supported organization (509(a)(2))
Donations deductible (Pub 78)
Public charity, 50% deduction limit
Exempt since
1997
Accounting year ends
September
Files
Form 990 or 990-EZ
Assets (IRS master file)
$8,029,828
Income (IRS master file)
$4,784,088

Filing history

FormYear endedRevenueExpensesAssetsReturn
990September 2025$4,432,392$3,337,212$8,029,828XML
990-TSeptember 2025–––IRS
990September 2024$4,303,425$3,545,186$7,238,812XML
990-TSeptember 2024–––IRS
990September 2023$4,245,343$3,921,562$6,667,308XML
990-TSeptember 2023–––IRS
990September 2022$3,673,437$3,536,673$6,710,385IRS
990-TSeptember 2022–––IRS
990September 2021–––IRS
990-TSeptember 2021–––IRS
990September 2020–––IRS
990September 2019–––IRS
990September 2018–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 41-1846655).

Questions about MIDWEST BUSINESS FINANCE CORPORATION

What is the EIN of MIDWEST BUSINESS FINANCE CORPORATION?
The employer identification number (EIN) of MIDWEST BUSINESS FINANCE CORPORATION is 41-1846655.
Is MIDWEST BUSINESS FINANCE CORPORATION tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1997.
Are donations to MIDWEST BUSINESS FINANCE CORPORATION tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does MIDWEST BUSINESS FINANCE CORPORATION file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of MIDWEST BUSINESS FINANCE CORPORATION due?
The return for tax year 2025 (the year ending September 30, 2026) is due February 16, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
When did MIDWEST BUSINESS FINANCE CORPORATION last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended September 2025.
Who is the principal officer of MIDWEST BUSINESS FINANCE CORPORATION?
The 990 for the year ended September 30, 2025 names NADENE KRUIZE.
Who are the officers and directors of MIDWEST BUSINESS FINANCE CORPORATION?
The 990 for the year ended September 30, 2025 lists 18 people; 18 received compensation from the organization, the highest $317,546 (NADENE KRUIZE, PRESIDENT & CEO).
How much revenue does MIDWEST BUSINESS FINANCE CORPORATION have?
On its 990 for the year ended September 30, 2025 it reported revenue of $4,432,392, expenses of $3,337,212 and total assets of $8,029,828 at year end.

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