Business Finance Group Inc
- Assets
- $8.2m
- Revenue
- $4.7m
- Investments
- $0.0
- Employees
- 31
- Location
- Fairfax, VA
- Founding
- 02/1983
- Data as of
- 09/2023
- EIN
- 54-1193174
Organization Overview
Business Finance Group Inc is located in Fairfax, VA. The organization was established in 1983. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2023, Business Finance Group Inc employed 31 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Business Finance Group Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 09/2023, Business Finance Group Inc generated $4.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $4.5m during the year ending 09/2023. While expenses have increased by 1.9% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Scanlon Director | Trustee | 2 | $0 |
Tommie Critchfield Secretary | Trustee | 2 | $0 |
Joseph B Humphries Treasurer | Trustee | 2 | $0 |
T Sean E Rogstad Past Chairman | Trustee | 2 | $0 |
John J Young Assistant Treasurer | Trustee | 2 | $0 |
Susan Banks Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $4,612,765 |
| Investment income | $63,066 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,675,831 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $423,044 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $2,416,435 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $117,124 |
| Other employee benefits | $459,393 |
| Payroll taxes | $201,785 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $30,360 |
| Fees for services: Accounting | $44,380 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $32,151 |
| Advertising and promotion | $39,322 |
| Office expenses | $110,159 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $152,508 |
| Travel | $72,654 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,666 |
| Interest | $81,110 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $72,736 |
| Insurance | $31,835 |
| All other expenses | $5,175 |
| Total functional expenses | $4,467,830 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $820,069 |
| Savings and temporary cash investments | $2,818,130 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $861,671 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $29,046 |
| Net Land, buildings, and equipment | $2,046,556 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,062,405 |
| Intangible assets | $0 |
| Other assets | $564,055 |
| Total assets | $8,201,932 |
| Accounts payable and accrued expenses | $602,830 |
| Grants payable | $0 |
| Deferred revenue | $743,896 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,064,568 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,271,747 |
| Total liabilities | $3,683,041 |
| Net assets without donor restrictions | $4,518,891 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $8,201,932 |