For more than 40 years, MMCDC has been providing capital resources and innovative ideas to assist in successful business and community development throughout Minnesota and the Midwest.

How can we help you?

Commercial Lending

We offer lending for new and existing business and business expansions that generally serve to improve the community.

Mortgage Lending

We provide affordable loans for home purchase, repair and refinance.

Housing

Affordable Rental Housing Housing Development

We provide numerous housing services for those looking to own a home, as well as affordable rental opportunities.

Commercial Real Estate

We build and manage properties for business use.

Capital. Innovation. Success.

For more than 40 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.

MMCDC News

MMCDC Approved as Paycheck Protection Program Lender

On May 28, the federal government announced it would reserve a portion of Paycheck Protection Program funds for use by Community Development Financial Institutions, such as MMCDC.

“These loans are advantageous, so we encourage business owners to contact our Vice President of Business Development, Nicole Kirchner, to discuss this and other loan opportunities available to keep businesses on track during the pandemic.” — MMCDC President Julia Nelmark

This federally backed loan program offers flexible financing at below-market rates and terms to support COVID-19-impacted businesses. Borrowers may be eligible for full or partial loan forgiveness when they use funds to maintain or rehire staff, and to pay rent, utilities, and interest on mortgages.

The U.S. Small Business Administration and the Department of the Treasury indicated $10 billion would be reserved for CDFIs.

“The forgivable loan program, PPP, is dedicated to providing emergency capital to sustain our nation’s small businesses, the drivers of our economy, and retain their employees,” said SBA Administrator Jovita Carranza in a press release. “CDFIs provide critically important capital and technical assistance to small businesses from rural, minority and other underserved communities, especially during this economically challenging time.”

“The PPP has helped over 50 million American workers stay connected to their jobs and over 4 million small businesses get much-needed relief,” said Treasury Secretary Steven T. Mnuchin in the same release. “We have received bipartisan support for dedicating these funds for CDFIs to ensure that traditionally underserved communities have every opportunity to emerge from the pandemic stronger than before.”

> Read More

MMCDC extends office closure through June 1

MMCDC offices continue to be closed to the public through June 1. However, MMCDC remains operational and staff will be available by email, phone and mail. Our goal is to conduct business as normally as possible during the pandemic.

Staff who have underlying health conditions or family members in need of care may be working from home, using available vacation or working nontraditional hours. Clients are urged to continue to reach out to staff as needed to conduct business. Responses may be slightly delayed.

We look forward to a time when we can reopen the office during normal business hours. Information will be updated on the website and Facebook page.

> Read More

MMCDC Offering Emergency Small Business Loans

As we navigate through the COVID-19 crisis, MMCDC has developed plans to assist our customers and the communities we serve.

MMCDC’s Lending Teams now have additional flexibility to quickly respond to current and future customers facing difficulties due to the pandemic. Fast, new business loans available up to $50,000 with low interest rates, flexible terms. Go to Commercial Lending to view our flyer and application.

“MMCDC’s Small Business Emergency Loan Program is an additional option,” MMCDC President Julia Nelmark said. “We are here to discuss the various products that have become available to business owners so they can decide which are best for them.”

We are committed to assisting our borrowers, tenants and other clients through this difficult time,” she added. “While our offices remain closed to the public, staff is available to assist via phone, email, fax or mail.”

Consumer and home loan modifications available.

Contact Nicole Kirchner, Vice President of Business Development, at 218-844-7016 to discuss business, home and consumer needs.

Nicole Kirchner

> Read More

How can we help you?

Capital. Innovation. Success.

MMCDC News

MMCDC Approved as Paycheck Protection Program Lender

MMCDC extends office closure through June 1

MMCDC Offering Emergency Small Business Loans

View Loan Balance

Subscribe to the MMCDC Newsletter