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to the
Minnesota Community Capital Fund

The Minnesota Community Capital Fund (MCCF), a nonprofit corporation, provides local communities and economic development agencies throughout Minnesota with the opportunity to participate in an innovative development financing organization as a means of helping small businesses and nonprofits secure the capital they need to grow and prosper–when they need it.

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MCCF is a bank participation loan fund that leverages millions of dollars in underutilized local economic development funds through the pooling of resources.  The Fund provides its members with greater lending flexibility and the capability of offering much larger loans to their local small businesses and nonprofit organizations than would be possible with their own limited and restricted resources.

Our Mission

The mission of the Minnesota Community Capital Fund is to activate member capital in partnership with banks and other commercial lenders to provide flexible financing solutions for small businesses and nonprofits.

Our Values

MCCF will constantly stive to exhibit:

  • Customer Service Orientation
  • Professionalism
  • Integrity
  • Flexibility, uniqueness and creativity
  • Responsiveness

Our Vision

To be recognized as the premier membership-driven economic development finance organization.

MCCF Serves All of Minnesota

MCCF Membership is open to all local governments and economic development organizations in Minnesota, with no cost to join. With membership deposits ranging from $25,000 to $250,000, communities and local agencies of all sizes now have the opportunity to offer flexible financing solutions to the small businesses and nonprofit organizations they serve.

Our Lending History

MCCF opened for business in February 2003. The Fund currently has 70 members, which represent more than 600 communities throughout Minnesota.

To date, MCCF has closed 91 loans to support projects ranging from the $14 million expansion of the Cloquet Community Hospital (MCCF loan was $2.5 million) to the construction of a new $660,000 nonprofit early childhood daycare center in Red Wing ($64,000 MCCF loan). With an average loan size of $403,000, MCCF has approved a total of more than $36 million in loans during our nine year history.

In recent years, MCCF has approved subordinated, long-term debt financing for projects that include manufacturing plant expansions, a veterinary clinic, a resort expansion, an assisted living / nursing facility, a sporting goods business, dental office, hardware store, environmental testing lab, and the expansion of a medical center support business. Several of these loans were made under the federal New Markets Tax Credit program, which offers significantly lower interest rates and even longer term fixed-rate financing than are available under our standard loan program.

Four New Loan Options are now available for Small Businesses and Nonprofit Organizations!

After being forced to the sidelines by the Financial Crisis of 2008 and the far reaching impact of the Great Recession, MCCF is back in the lending business with more flexible financing tools than ever before.

MCCF now offers four new loan products to provide creative financing solutions for small businesses and nonprofit organizations that are located in our member communities.

  • MCCF Capital Access Loans are subordinated, gap financing loans from $50,000 to $1,500,000. MCCF provides 50% of the total amount financed in partnership with local banks. The borrower is required to provide a 20% down payment or project equity. Loan proceeds may be used for most any business purpose, with loan terms of up to 25 years for real estate and 10 years for business equipment.
  • Green Loans for Businesses are available to finance improvements that reduce energy costs, improve cash flow and improve business property values. Loan amounts are from $50,000 to $300,000, with the term of each loan based upon the useful life of the improvement or equipment financed.
  • SBA 7(a) Small Business Loans offer a solution for meeting small business financing needs when local lenders are unable to fund a loan due the loan amount, purpose or credit criteria. Loans from $100,000 to $2,000,000 can be used to finance the purchase of owner-occupied commercial real estate; business equipment; remodeling and leasehold improvements; long-term working capital; and for the refinancing of existing debt. Loan terms are available for up to 25 years for real estate and 10 years for equipment. Loans secured by other collateral have a maximum term and amortization of 7 years.
  • SBA 504 First Mortgage Loans offer long-term fixed rate loans ranging from $250,000 to $8,000,000 for growing small businesses, while providing liquidity to local banks and other business lenders. Loans may be used to purchase or construct buildings for owner-occupied businesses, with loan term and amortization of up to 25 years. Originating lenders under this program are paid a premium based upon secondary market rates, loan structure and loan terms.

As small businesses and nonprofits plan for future growth and new opportunities, our banking and other commercial lending partners know that MCCF is a complimentary, flexible lending partner that is standing by to help them manage their portfolio risk and make it possible for their customers to get the financing they need, when they need it.  

MCCF loan applications are available online by clicking “Loan Application” above. For a list of our members, click on “Membership”. 

MCCF Holds 9th Annual Meeting

The Minnesota Community Capital Fund held its ninth annual membership meeting in September 2011 at Ruttger’s Bay Lake Lodge in Deerwood. Representatives of MCCF member communities and economic development organizations from throughout Greater Minnesota were in attendance. 

Brian Fritsinger, Cloquet City Administrator, was reelected to another three-year term representing Class B Members. Brian will also continue to serve as Treasurer of the Board during FY 2012.

Pam Lehmann, Executive Director of the Lac qui Parle County EDA, was reelected to serve three more years as a Class C Director on the Board.

For a complete list of Board members and MCCF staff, click on “About the Fund” above. 

The Minnesota Community Capital Fund is still accepting new members. The MCCF Board encourages any community or ED organization that has not yet joined the Fund to take another look at the many benefits of belonging to Minnesota’s best source for leveraging local business financing resources.

What are economic developers saying about the MCCF?

“The Minnesota Community Capital Fund is playing a significant role in financing business development in Dodge County and in communities around the state. Nowhere else can local governments leverage their limited capital on a 10-to-1 basis and participate in creative financing packages with very little risk.”

– Duane Johnson / Retired Director / Dodge County Economic Development Authority

“The MCCF organizational structure makes a lot of sense to me. By pooling revolving loan fund dollars, communities of all sizes increase their lending capacity and can become more actively involved in supporting their own economic development.”

– Judy Bodway / Director of Economic Development / City of Winona

“The MCCF is a very valuable tool, which allows participating members to significantly leverage their investment and provide greater lending flexibility, with limited credit risk, for community and economic development projects.”

– Barbara Hayden / Planning Director / St. Louis County

To read what the Minneapolis Star Tribune has said about the Minnesota Community Capital Fund, click here for the newspaper’s editorial comment. Click here for the article that ran in their business section.