About Nick C. Jellum
Nick Jellum is a Shareholder, and the President, of Jellum Law Nick concentrates his practice in representing
commercial lenders and financial institutions in:
- Commercial Real Estate Lending
- Commercial Loan Documents
- Commercial Loan Workouts
- Government Guaranteed Lending (SBA and USDA)
- Loan Participations
- Secured and Unsecured Revolving Credit
- Tax-Exempt Financing
- Tax Increment Financing
- Banking Regulation
- Compliance
- Operations
- Collections
- Mergers & Acquisitions
Nick has developed an excellent reputation for his work representing financial institutions and other commercial lenders nationally and protecting their interests in government guaranteed lending transactions. He has extensive experience particularly as related to U.S. Small Business Administration (SBA) and U.S. Department of Agriculture (USDA) loan regulation, documentation, servicing and liquidation.
Nick is active in the National Association Government Guaranteed Lenders (NAGGL) and is a frequent presenter at NAGGL’s national conferences and through their webinars, as well as a NAGGL course instructor. Nick is also a member and active in the National Association of Development Companies (NADCO), the trade association for SBA 504 Certified Development Companies.
Education & Admissions
Admissions
- Minnesota, 2003
- U.S. District Court, District of Minnesota, 2003
- Illinois, 2016
Activities
- Minnesota State Bar Association (MSBA) (Member, 2003 – Present)
- Ramsey County Bar Association (RCBA) (Member, 2003 – Present; Youth and the Law Committee; Charity Golf Tournament Committee, Co-Chair 2010, 2011)
- Independent Community Bankers of Minnesota (ICBM) (Legislative Committee, 2009 – Present)
- Minnesota Bankers Association (MBA), (2003 – Present)
- National Association of Government Guaranteed Lenders (NAGGL) (2007 – Present)
- National Association of Development Companies (NADCO), Member (2012 – Present)
- Courage Kenny– St. Croix (Advisory Board, 2010 – 2015)
- Courage Kenny Foundation (Board Member, 2013 – 2015)
- SPEDCO Minnesota-based SBA 504 Certified Development Company (Board of Directors, 2015- 2018)
- Be The Match – National Marrow Donor Program (Board of Ambassadors, 2017- Present)
Publications
- “SBA Lending: Considerations for Franchisors and Franchisees” – American Bar Association Annual Forum on Franchising - 2015
- Moderator for SBA Lending Table of Experts publication in Minneapolis - St. Paul Business Journal – 2015
- Moderator for Franchising Table of Experts publication in Minneapolis – St. Paul Business Journal - 2015
- “Has Your Bank Considered the Advantages of SBA’s 7(a) Loan Guaranty Program” – Minnesota Bankers Association - 2018
Articles
- Managing SBA 7(a) Loan Prepayments on March 13, 2023
- What SBA Lenders Need to Know About Non-Compete Agreements on February 21, 2023
- Foreclosing SBA 504 Mortgages on December 7, 2012
- Membership Interests in a Limited Liability Company as Collateral on November 12, 2010
- Reporting Acquired or Abandoned Secured Property and Cancelled Debts: FAQS About 1099-A & 1099-C on July 12, 2010
Presentations
Frequent national speaker and instructor on various lending topics including:
- Commercial Lending and Finance Law: The Ultimate Guide
- SBA Loan Defaults, Workouts and Liquidations
- SBA 7(a) SOP Changes
- SBA Franchise Lending
- Advantage of Engaging Lender Service Providers
- Collateral Valuation Practices and Tips
- SBA 7(a) Debt Refinancing
- Legal Risk Factors Faced by Lenders
- Best Practices When Hiring an LSP or Broker
- SBA Affiliation Rules
- SBA Franchise Rules
- SBA Credit Elsewhere Rules
- SBA Financing for Ownership Changes
- SBA Equity Injection
- SBA Loan Closing: Proper Documentation & Pitfalls
- Developing Litigation and Liquidation Plans
- SBA 7(a) Loan Underwriting and Credit Memo
- UCC-1 Filing and Perfection
- SBA 7(a) Loan Closing Best Practices
- SBA 7(a) Large Loan Liquidation: Understanding the Liquidation and Guarantee Purchase Process
- SBA Lending
- Change of Ownership
- Business Entity Organizations and Trusts in Minnesota
- Business Entity Organizations Non-Minnesota
- Authorized Signers in Minnesota
- Powers of Attorney
- Best Practices for Documenting Equity Injections
- Current Issues Impacting Agents and LSPs
- Franchise Lending
- SBA Franchise Lending
- UCC Lien Perfection and Lien Priorities
- Franchise Agreement Review 101
Publications
- “SBA Lending: Considerations for Franchisors and Franchisees” – American Bar Association Annual Forum on Franchising - 2015
- Moderator for SBA Lending Table of Experts publication in Minneapolis - St. Paul Business Journal – 2015
- Moderator for Franchising Table of Experts publication in Minneapolis – St. Paul Business Journal - 2015
- “Has Your Bank Considered the Advantages of SBA’s 7(a) Loan Guaranty Program” – Minnesota Bankers Association - 2018
