Who We Are
504 Corporation is a non-profit organization certified by the U.S. Small Business Administration (SBA) to provide financial assistance to small businesses. As an SBA Certified Development Company, 504 Corporation works with SBA and lenders to deliver the 504 loan program to small businesses. The staff assists business with identifying other sources of funding for their financing needs that do not fit into the 504 loan program and what organization can assist. These financing sources include local, state, and federal programs.
The 504 loan program’s primary goal is to create and retain jobs. In addition to job creation, the program helps to increase the real estate tax base, expand manufacturers, expand rural economies, and assist women, minority, and veteran owned businesses. As a result, the 504 program is focused on growing and promoting economic growth of every community throughout the country.
To better serve our customers, the corporate headquarters is located in Rochester, MN with a satellite office in Mankato. Our service area includes the state of Minnesota and the Wisconsin counties of St. Croix, Pierce, Pepin, Buffalo, Trempealeau, and La Crosse.
The 504 Corporation Board is an integral piece of the company. The board consists of leaders from the area representing lending institutions, government, businesses and economic development. The 504 Corporation staff presents a loan to the board with the Board making the decision to submit the formal 504 application to SBA for final approval.
Gary Timm, President
Peoples State Bank, Plainview
Dan Vlasak, Vice President
Merchants Bank, Lakeville
Aaron Casterton, Treasurer
First National Bank of Waseca
Rich Wegner, Secretary
Retired Commercial Loan Officer, Kasson
Economic Development Consultant
City of Cannon Falls
Merchants Bank, Winona
Cinch Connectivity Solutions Waseca
Southern Minnesota Initiative Foundation, Owatonna
City Administrator (ret.), North Mankato
Bremer Bank, Rochester
Minnstar Bank, Mankato
Region 9 Development Commission, Mankato
Community & Economic Development Associates (CEDA), Chatfield
- RCTC Heintz Center
- 1926 College View Rd SE
- Rochester, MN 55904
- 851 30th Avenue SE, Rochester, MN 55904 (Mailing Address)
- P.O. Box 4241
- Mankato, MN 56002
- Phone 507.625.6056