MINNEAPOLIS ― Rolfe Worden, a Partner in the Minneapolis office of Hinshaw & Culbertson LLP, was recently re-elected to the Board of Directors of Twin Cities Metro Certified Development Company (TCM). Mr. Worden has served on the TCM Board for 10 years. With a portfolio of approximately 900 loans, TCM is one of the largest 504 lenders in the United States.
As a Director of TCM, Mr. Worden reviews and analyzes loan applications and votes on action to be taken with regard to them. Maximum loan amounts can range from $1.5 million to $4 million.
Certified development companies (CDCs) are nonprofit corporations designed to contribute to community development. Under the 504 loan program, which was created by Section 504 of the Small Business Investment Act, these organizations provide long-term fixed-rate loans to small businesses working with the Small Business Administration and private lenders. The purpose of the loan must be for the acquisition of assets. A small business is defined for purposes of the 504 program as a for-profit entity with a net worth of under $6 million and net profit after tax of under $2 million.
Mr. Worden has an extensive real estate transactional and finance practice. He has handled a significant number of transactions involving HUD-insured and other multifamily housing projects, and has extensive experience in dealing with common interest communities. Mr. Worden also counsels numerous new and emerging companies.
Hinshaw & Culbertson LLP is a national law firm with 475 lawyers in 25 offices. The firm offers a full-service practice, with an emphasis in litigation, corporate and business law, environmental, labor and employment law, professional liability defense, and wealth preservation and taxation matters. The firm provides services to a range of for-profit and not-for-profit clients in industries that include construction, financial services, health care, insurance, legal, manufacturing, real estate, retail and transportation. Firm clients also include government agencies, municipalities and schools.
Hinshaw was founded in 1934. The firm is headquartered in Chicago, and maintains offices in 12 states: Arizona, California, Florida, Illinois, Indiana, Massachusetts, Minnesota, Missouri, New York, Oregon, Rhode Island and Wisconsin.