Customer Stories

The Impact

  • Retained 84 jobs in a rural community
  • Projected creating 30 jobs in three years
SBA Small Business Loan for MNStar

MNStar Technologies – Grand Rapids, MN

Like many small business owners, Mike and Norma Rhodes had focused on keeping the doors open and their employees in jobs during the recession. Yet, they kept an eye on the future and were determined to grow the business, which specializes in designing and manufacturing emergency and police vehicle components, from wire harness systems to specialized electronic devices.

Although MNStar survived the recession and numbers were trending upward, they were unable to get financing to hire additional workers and expand the facility when they had the opportunity to take on more contracts. We stepped in and refinanced their debt into a long-term loan and provided permanent working capital, which freed up cash flow to help fund their growth.