NADCO selects MBFC’s entry for an Economic Development Opportunity Grant Award
Minnesota Business Finance Corporation (MBFC) is proud to announce the nominee Metropolitan Consortium of Community Developers (MCCD) was selected as one of seven NADCO Economic Development Opportunity Grant Award winners at the 2014 NADCO Annual Meeting in Colorado Springs, CO in May.
The grant for $2,750 was presented by Tom Saehr and Michelle Mueller of MBFC to Jim Roth, Executive Director of MCCD on Wednesday, May 28. NADCO selected MCCD because of their continued support to find financing for small businesses that can’t otherwise find the capital they need.
MCCD is an association of nonprofit community development organizations committed to expanding the wealth and resources of neighborhoods through housing and economic development initiatives. MCCD operates two programs which assist small business, Open to Business and Open to Lending.
Open to Business program helps new and early stage businesses access the technical assistance they need to grow and prosper. Since 2003, MCCD has loaned over $6.7 million to over 550 entrepreneurs for business start-up or expansion projects. They offer a variety of services such as loan packaging/facilitation, loans for new and emerging businesses, loans for second stage and growing businesses, and gap financing for real estate up to 10 year terms.
Mueller said “Iric Nathanson and MCCD are great lending partners on MBFC projects. The NADCO grant is a great way to further assist them to continue the work they do in metro communities helping small businesses. ”
The grant from NADCO will assist in meeting MCCD’s overall operating budget for the Open for Business and Open to Lending programs.