BUSINESS PROFILES
Twin Cities
Metro
Certified
Development
Company
TCM, located in Vadnais Heights
since 2006, is a non-profit Certified
Development Company established in
1990 and authorized by the Small Business
Administration (SBA) to provide SBA 504
loans throughout Minnesota and within
nine counties in Western Wisconsin. The
SBA 504 program’s focus is on economic
development; Certified Development
Companies provide access to the SBA 504
program. Since inception, TCM has been a
leading provider of SBA 504 loans, having
originated over 2,200 loans totaling in
excess of $1.1 billion.
Loans are made in partnership with a
private commercial lender to qualifying
small businesses for the acquisition of
fixed assets including land, building and
long-life equipment. The loan is also
contingent upon the small business
creating or retaining jobs, and/or meeting
specific economic objectives such as:
loans to businesses owned by minorities,
women or veterans; the expansion of
manufacturers; rural development; and
projects that result in significant energy
production and/or efficiency gains.
Committed to Community
The company encourages staff
involvement in areas where they can
further the public’s knowledge of the
various Small Business Association’s
programs. Staff is further encouraged to
contribute their professional expertise
by participating in programs involving
TCM Vice President/Senior Lender Debby Gustafson (front-center) and TCM President Pete Ingebrand (back-center) with their
lending team. Photo courtesy of TCM.
the public sector in their economic
development efforts.
Debby Gustafson, TCM Vice President/
Senior Lender, is currently serving her
second year as president of Vadnais
Heights Development Corporation’s
(VHEDC) Board of Directors.
Since 1994, TCM has provided grants
of over $2.5 million to local non-profit
organizations involved in economic
development. The majority of these
funds are used to assist businesses owned
by minority and other underserved
constituencies.
Small Business Success Story: Vadnais
Heights’ Culver’s Restaurant
Julie Peterson and her brother Steven
Sparks opened their first Culver’s in
Vadnais Heights in 2000. Over the years
they continued to expand their locations
adding St. Paul in November 2002, St.
Anthony in April 2003, Little Canada in
2009, and Golden Valley in December
2013. The real estate was owned at all
locations except Vadnais Heights on
Centerville Road. In 2018, the owner of
the strip mall decided to sell the property;
the Vadnais Heights Culver’s was part of
the sale, and TCM provided assistance to
purchase the building through the SBA
504 Loan Program.
The ownership group had used the
program previously for other real estate
purchases. The purchase of the building
provided stability for the business by
owning the property vs leasing (which
they had for 17 years). Owning will also
enable them to control their occupancy
costs. The Vadnais Heights location
currently has 42 employees.
What started as one leased location in
2000 has expanded into a multi-unit
franchise group owned by Julie Peterson
and Steve and (wife) Dianne Sparks, with
gross revenue exceeding $11 million
dollars and employing 180 people.
TCM Certified Development Company:
504lending.com
vhedc.com
15