Capital. Innovation. Success.

For more than 50 years, MMCDC has been providing capital resources and innovative ideas to assist in successful business and community development throughout Minnesota and the Midwest. We provide financial assistance to businesses for the creation of jobs, to communities for new development, and to individuals for home ownership, as well as other services.

We offer business loans ranging from $5,000 to $20,000,000. We identify community needs and create solutions, including the development of apartment buildings, homes with affordable payments and new subdivisions. We manage, build and restore buildings for affordable rental housing. We provide affordable loans for home purchase, remodel and refinance. We are committed to creating housing solutions for first-time home buyers and others in rural Minnesota so that they can purchase affordable new homes.

This institution is an equal opportunity provider and employer.

“First-Generation Homebuyers Down Payment Assistance Fund” Pilot Program Signed Into Law

Reposted with permission of Minnesota Realtors

During the week of May 8, the Minnesota House and Senate passed the “First-Generation Homebuyers Down Payment Assistance Fund” program, which was included in the final version of the omnibus housing finance bill (HF 2335). On Monday, May 15, Governor Walz signed HF 2335 into law.

This pilot program was brought forward by a diverse coalition of groups led by Minnesota Realtors® (MNR), the Minnesota Homeownership Center (the Center), and Twin Cities Habitat for Humanity.

“The passage of this pilot program is an accomplishment years in the making,” said Emily Green, 2023 president of MNR. “Recognizing the need to close our state’s racial homeownership gap—the fifth largest disparity in the nation—MNR and the Center began collaborating to explore solutions back in 2020.”

MNR and the Center commissioned a study that revealed lack of sufficient capital for a down payment was a key barrier to homeownership. Realizing the scope of the problem, MNR and the Center sought other partners, and enlisted Twin Cities Habitat for Humanity. From there, more groups joined the fold and soon a coalition was advocating for passage of the “First-Generation Homebuyers Down Payment Assistance Fund” at the Capitol.

Read the full article here: https://www.mnrealtor.com/blogs/mnr-news1/2023/05/17/first-generation-homebuyers-down-payment-assistanc

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Wadena Model Home for Sale -- SALE PENDING

This newly constructed home is situated in a quiet and gorgeous new development, conveniently located next to a nature park area. When you enter the home you will notice the custom hickory cabinets and the open kitchen and living spaces. Relax in the spacious yard and listen for the Whisper of the Pines.

Call Heather, at 218.844.7017, for showings.

727 Lincoln Ave., Wadena, Minn.

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DEED Announces the Automation Loan Participation Program

Information below is being shared from a Nov. 29, 2022, DEED newsletter.

The Minnesota Department of Employment and Economic Development (DEED) launched the Automation Loan Participation Program this week as part of the recently announced $97 million through the State Small Business Credit Initiative (SSBCI).

This program provides companion loans from DEED to cover financing gaps and expand financing opportunities for businesses purchasing machinery, equipment, or software to increase productivity and automation.

DEED loans through the new program can be worth up to $500,000 and need to be made in conjunction with private financing. Applications are open now. Full terms and requirements are available on DEED’s website.

Eligible borrowers include manufacturing, distribution, technology and warehousing businesses located in Minnesota. The program targets businesses with fewer than 500 employees.

Companion loans from DEED must be matched at least 1:1 by private financing. Both the ALPP loan and the private financing must be used for machinery, equipment or software to increase productivity and automation.

Regardless of the terms of the other private financing, the ALPP loan will have the following terms:

Loan amount up to $500,000 1% interest rate The term will be 5 to 7 years based on the life of the asset Payments may be deferred 6 to 12 months If requested by lead lender, DEED can take a subordinate position on collateral

Additional considerations:

The loan may not be used for the same purpose as any federally guaranteed private financing being used for the project. The machinery, equipment or software the business will purchase totals less than $20,000,000.

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How can we help you?

Capital. Innovation. Success.

MMCDC News

“First-Generation Homebuyers Down Payment Assistance Fund” Pilot Program Signed Into Law

Wadena Model Home for Sale -- SALE PENDING

DEED Announces the Automation Loan Participation Program

How can we help you?

Capital. Innovation. Success.

MMCDC News

“First-Generation Homebuyers Down Payment Assistance Fund” Pilot Program Signed Into Law

Wadena Model Home for Sale -- SALE PENDING

DEED Announces the Automation Loan Participation Program

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