Midwest Business Finance Corporation
To promote small business & jobs
Midwest Business Finance Corporation at a glance
In short: Midwest Business Finance Corporation gave $10K across 1 grant in 2025 (avg $10K), mostly in North Dakota. Source: 2025 IRS Form 990.
- Annual giving (2025)
- $10,000
- +0.0% vs 2024
- Grants made (2025)
- 1
- +0.0% vs 2024
- Average grant
- $10,000
- +0.0% vs 2024
- Median grant
- $10,000
- Total assets
- $8,029,828
- +10.9% vs 2024
- Primary geography
- North Dakota (100% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990, 2025 View filing
Data from IRS Form 990, 2025; updated September 2026.
Who Midwest Business Finance Corporation funds
How this funder distributes its grants
Top Recipients
Top recipient in 2025
The largest 2025 recipient was ND Small Business Development Centers ($10K).
Grant Size Distribution
3 grants across all recorded years
The most common grant size was under $50K: 3 grants of 3 (100%).
Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of the 2025 grant dollars on its one itemized grant.
States
Cities
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2019 to 2025, annual grant giving ranged from $6K (2019) to $10K (2025). In 2025 it made 1 grant totaling $10K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| ND Small Business Development Centers Fargo, ND | To Assist ND SBDC with Funding | $10,000 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Net Investment Income |
|---|---|---|---|---|---|---|
| 2025 | $8,029,828 | $4,432,392 | $3,337,212 | $10,000 | 1 | $205,908 |
| 2024 | $7,238,812 | $4,303,425 | $3,545,186 | $10,000 | 1 | $169,524 |
| 2023 | $6,667,308 | $4,245,343 | $3,921,562 | $10,000 | 1 | $117,561 |
| 2022 | $6,710,385 | $3,673,437 | $3,536,673 | — | — | $8,899 |
| 2021 | $4,905,481 | $3,041,380 | $3,016,973 | — | — | $17,011 |
| 2020 | $4,318,975 | $2,943,295 | $2,737,613 | — | — | $31,770 |
| 2019 | $4,165,762 | $2,826,328 | $2,673,673 | $6,000 | 1 | $26,580 |
About Midwest Business Finance Corporation
Based on IRS filings
Midwest Business Finance Corporation is a public charity focused on Community Improvement & Capacity Building, based in St Cloud, MN. IRS filing data is available from 2019 through 2025. As of 2025, the organization holds $8.0M in total assets. In 2025, it awarded 1 grant totaling $10K. Net investment income was $206K.
Focus Areas
Leadership & Key People
Officers and directors from IRS filings
Midwest Business Finance Corporation is led by Nadene Kruize, President & CEO since 2023 (on filings since 2019); all 18 officers listed in 2025 are compensated.
Officers on the 2025 filing
Nadene Kruize
President & CEO
Senior Vice President → President & CEO, 2023
On filings since 2019
40 hrs/week
$189K (2019) → $318K (2025)
Carol Anderson
Chairman
Board Member → Vice Chair, 2022
Vice Chair → Chairman, 2025
On filings since 2019
1 hr/week
$7K (2019) → $5K (2025)
Dale Umlauf
Secretary
Board Member → Secretary, 2022
On filings since 2019
1 hr/week
$4K (2019) → $5K (2025)
Dusten Johnson
Board Member
Board Member → Treasurer, 2020
Treasurer → Board Member, 2022
On filings since 2019
1 hr/week
$4K (2019) → $5K (2025)
James Vrchota
Board Member
On filings since 2019
1 hr/week
$4K (2019) → $3K (2025)
Joseph Kammermeier
Vice President Business De
On filings since 2019
40 hrs/week
$115K (2019) → $175K (2025)
Maurice Durheim
Board Member
Vice Chair → Chairman, 2022
Chairman → Board Member, 2025
On filings since 2019
1 hr/week
$3K (2019) → $6K (2025)
Michael Stearns
Vice President Business De
On filings since 2019
40 hrs/week
$109K (2019) → $150K (2025)
Terry Stein
Vice President Business De
On filings since 2019
40 hrs/week
$114K (2019) → $163K (2025)
Bob Palmquist
Treasurer
Board Member → Treasurer, 2022
On filings since 2020
1 hr/week
$3K (2020) → $5K (2025)
Dan Nygaard
Vice Chair
Board Member → Vice Chair, 2025
On filings since 2021
1 hr/week
$4K (2021) → $4K (2025)
Nancy Hoffman
Board Member
On filings since 2021
1 hr/week
$4K (2021) → $4K (2025)
Mark Schik
Board Member
On filings since 2022
1 hr/week
$4K (2022) → $4K (2025)
Chad Syltie
Board Member
On filings since 2023
1 hr/week
$4K (2023) → $4K (2025)
Jennifer Fitzpatrick
Vice President & Loan Portf
Vice President & Loan Portfolio Officer → Vice President & Loan Portf, 2024
On filings since 2023
40 hrs/week
$106K (2023) → $121K (2025)
Matthew Dorothy
Board Member
On filings since 2023
1 hr/week
$4K (2023) → $4K (2025)
Sarah Borgman
Chief Credit Officer
On filings since 2023
40 hrs/week
$101K (2023) → $131K (2025)
Joshuaa Laffen
Vice President Business De
New on the 2025 filing
40 hrs/week
$137K (2025)
Former officers (9)
- Former: Thomas Saehr (2019–2024) — Former President, CEO & Board
- Former: Jason Murray (2019–2023) — Board Member
- Former: John Herges (2019–2023) — Board Member
- Former: Michelle Mueller (2019–2023) — Vice President Business De
- Former: Pamela Burnside (2023) — Vice President Business De
- Former: Gordon Winzenburg (2019–2022) — Board Member
- Former: Nadine Kruse (2020–2022) — Senior Vice President
- Former: Marty Mixell (2019–2021) — Secretary
- Former: Thomas Lambrecht (2019) — Board Member
Data from IRS Form 990 filings, 2019–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2025 IRS filing
The highest reported compensation on the 2025 filing was $318K, to Nadene Kruize (President & CEO). 18 officers or directors reported compensation on that filing.
Frequently asked questions about Midwest Business Finance Corporation
How much does Midwest Business Finance Corporation give each year?
Midwest Business Finance Corporation gave $10K across 1 grant in 2025, according to its 2025 IRS Form 990. In 2024 it gave $10K across 1 grant.
How large is Midwest Business Finance Corporation?
Midwest Business Finance Corporation reported $8.0M in total assets on its 2025 IRS Form 990. Its revenue that year was $4.4M.
What is Midwest Business Finance Corporation?
Midwest Business Finance Corporation is a public charity focused on Community Improvement & Capacity Building, based in St Cloud, MN. It holds $8.0M in total assets as of 2025.
Where does Midwest Business Finance Corporation operate?
Midwest Business Finance Corporation has awarded grants in Minnesota, North Dakota.
What is Midwest Business Finance Corporation's EIN?
Midwest Business Finance Corporation's EIN (Employer Identification Number) is 41-1846655. IRS Form 990 filing data is available on this page for 2019–2025.
Data last updated September 2026. Sourced from IRS Form 990 filings.
Data update history
(1)
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2019–2025
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