Founded in 1983 as a division of the Minnesota Department of Trade and Economic Development, MBFC privatized in 1996 and has since grown into one of the top 20 CDCs in the nation, with over 40 years of originating SBA 504 loans. The non-profit 501(c)(3) operates as a Premier Certified Lender and has won the SBA Minnesota District Office's CDC of the Year award every year from 2015 through 2025. MBFC's footprint has expanded substantially in recent years — first through the 2022 merger with Prairieland EDC (Slayton, MN), then through the opening of a North Dakota division based in West Fargo. In 2025, to reflect that broader regional scope, the organization changed its name from "Minnesota Business Finance Corporation" to "Midwest Business Finance Corporation," keeping the MBFC acronym and the same trusted team.