A new economic development financing organization will supplement the financing resources available in rural Minnesota, according to its creators.
Nearly 60 cities, counties, utilities and regional nonprofits in the state have pooled community development financing resources to form the Minnesota Community Capital Fund (MCCF). Launched in February, the fund will provide loans of $50,000 to $2.5 million for business expansions and affordable housing developments in areas served by its member communities and organizations. The loans, which are available for almost any kind of business, are originated on behalf of the pool and sold to the secondary market. Applications are accepted on an ongoing basis, and the approval process takes two to four weeks.
The Northland Institute, a Minneapolis-based nonprofit organization, developed the fund as a means of supporting community and economic development projects in a climate of tight budgets and limited resources.
For more information on the MCCF, visit www.mncommunitycapitalfund.org or call (952) 546-9049.
