Mid State Development Corp. is a non-profit organization which works with Financial Institutions to provide loans to small businesses for new construction or expansion. Most around town knew the name of Mr. Keith Brice before his Mid State affiliation. Keith is the President and ever-so friendly face of the company. The self-professed “average 9-hole golfer”, can be seen at numerous local events. Bringing great favor from President Cheryl, Keith brought a PowerPoint presentation with pictures (Cheryl likes that stuff) of some of the many building projects Mid-State has helped fund. From restaurants, automated car washes, to urgent care medical facilities, Mid State is well known for providing competitive loans to help developing companies expand.Many of us understand it is commerce that drives the economic success of our San Joaquin Valley. Keith wants to make sure the momentum of our business continues moving in the right direction. Through the SBA 504 Loan Program, and just a “little bit of imagination”, business leaders and consumers enjoy the benefits of business growth, and job creation that will see us through the next decade. Keith tells us that Mid State has locally funded $450 million in construction loans which equates to 12,000 jobs! This is just from one lending company alone! Is Keith’s presence in Kern County important? You bet, that’s one reason I think everyone likes him. I like him too. He is quiet, never boasting or bragging, and all the while navigating Small Business Administration loans for local business like a driver of a Ferrari around the sharp turns of an Italian Grand Prix.
Of course, like any commercial loan program there are qualifying standards. Mid State provides loans for commercial projects from $125K to $13 million. The borrower must occupy 60% of the completed building space and there are pre-payment penalties. Keith and his staff are very busy these days as Mid State is currently opening 40 loans per year. Those numbers are promising for our local economy. The data represents a history of wise, well-calculated construction loans that are funded throughout the San Joaquin Valley.
So, if you are, or know someone who is, interested in finding out if they qualify for an SBA loan through Mid State, I am certain Keith would be happy to talk with them over a cup of coffee. Thank you Keith for visiting us to talk about the exciting things Mid State is doing in our community!