Minnesota Community Capital Fund
The Minnesota Community Capital Fund (MCCF), a new nonprofit organization, is offering local communities and economic development organizations throughout Greater Minnesota an opportunity to participate in an innovative new development financing resource.
This flexible loan fund is designed to leverage millions of dollars in underutilized local Revolving Loan Fund (RLF) capital. Through the pooling of RLF resources, the Fund provides participants with greater lending flexibility, the capability of offering much larger loans than would be possible with limited existing local resources, and professional fund management services.
MCCF 2004 Annual Meeting Scheduled for September 8th
The third Annual Meeting of MCCF Members will be held on September 8, 2004 at the St. Cloud Holiday Inn. Approximately 100 MCCF Members and invited guests will gather to review the Fund’s activites during the past year and to elect 3 Directors to the Board. Matt Kramer, Commissioner of the Minnesota Department of Employment and Economic Development (DEED), will be the keynote speaker during lunch. A project showcase, featuring MCCF-financed projects in Red Wing, Itasca County and St. Cloud will provide members with a firsthand look at the kinds of businesses that MCCF has supported since beginning operations in February 2003.
Demand for MCCF Loans Remains Strong
27 loans have been approved by MCCF during its first 18 months of operations, totalling more than $6 million. With interest rates remaining fairly stable during the past year, demand for MCCF loans continues to be strong. The Fund currently has under review approximately 20 loans for projects in our member communities located throughout rural Minnesota.
Thus far, our largest loan is a $2,500,000 loan for the $14 million expansion of the Cloquet Community Hospital. The most active MCCF member to date has been Dodge County, with 7 approved loans representing more than one-half million dollars in MCCF financing.
MCCF loan applications are available from member organizations and are also available online by clicking “Loan Application” above. For a list of our members, click on “Member Update”.
Please contact Scott Martin if you have any questions about how to become a member or if you would like to receive a copy of the Offering Prospectus.
Blandin Foundation Lends Support to MCCF
$250,000 Fund Development and Operating Grant Approved
In April 2002, the Blandin Foundation awarded a $250,000 grant to assist with the start-up of the MCCF and provided the Fund with the working capital necessary to support its operations during the first three years. The critical support provided by Blandin has made it possible for MCCF to serve its rural market since beginning operations in early 2003.
What are economic developers saying about the MCCF?
“I am excited about the potential that this innovative new organization has in playing a significant role in financing affordable housing and business development in communities around the state. Nowhere else can you leverage your capital on a 10-to-1 basis and participate in creative financing packages with very little risk.”
-Rebecca Yanisch / Former Commissioner, MN Department of Trade & Economic Development (DTED)
“The MCCF concept 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 will be a 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
Find out for yourself by browsing this web site or get our complete brochure in PDF format.