What is a CDFI?
CDFI stands for Community Development Financial Institution. These organizations are mission-driven financing providers. These lenders have a mission to provide fair and responsible financing to rural, urban, native, and other underserved communities that mainstream finance doesn’t traditionally reach.
What is MMCDC?
MMCDC stands for Midwest Minnesota Community Development Corporation. It is a nonprofit Community Development Financial Institution and housing provider located in rural Minnesota. We are a leading private nonprofit organization providing commercial and home mortgage lending. MMCDC also provides housing, business and community development services throughout Minnesota and beyond.
Does MMCDC only serve Becker County?
MMCDC doesn’t just serve Becker County. MMCDC provides lending, housing, and community development services throughout Minnesota and the upper Midwest.
How does lending tie to rental housing and our other services?
All of our programs align with MMCDC’s mission of assisting individuals and communities in building a better quality of life. Our lending programs support this mission by creating jobs and expanding services across our region. Housing provides a stable foundation for our clients and helps build generational wealth. Many of our other programs focus on strengthening financial stability and community sustainability, all contributing to overall well-being.
Do you have to be low income to work with MMCDC?
Some MMCDC programs like income restricted rental housing and certain homebuyer assistance programs do have income limits, but many do not. Commercial and business loans and some rural housing programs are available to a broader range of individuals and organizations. Eligibility is based on the program and project, not just income.
Does MMCDC still do mortgage lending?
MMCDC still offers mortgage lending. We continue to offer home purchase and improvement loans, USDA rural housing loans, and administer first-time and first‑generation homebuyer programs, including down‑payment assistance. Program availability can change based on funding.
Are there other CDCs?
There are many Community Development Corporations (CDCs) across the United States. MMCDC is headquartered in Detroit Lakes but provides lending and development services throughout Minnesota and the Upper Midwest. In addition, MMCDC works closely with partner lenders and other mission-based lenders and organizations throughout the nation to best meet the needs of the individuals, projects, and communities they serve.
How can MMCDC help me or my business?
MMCDC works with borrowers, banks, credit unions, real estate professionals, and other mission focused lenders in creative financing structures to bring projects to fruition. We would love to hear about your future project or business!
Am I eligible for a business loan through MMCDC?
If you are having trouble with financing, MMCDC might be able to help. Please explore our website and learn about our various programs and services. Please reach out via phone or email to take the next step.
What program should I apply to for my business, and what are the rates?
MMCDC is involved in a variety of lending programs, as well as corporate lending dollars, with rates based on our cost of funds and credit risk. We utilize a single loan application and work with each borrower to determine the loan program that best fits their project needs.
What are some examples of projects you’ve worked on?
Manna Food Co‑op (Detroit Lakes, MN)
MMCDC provided flexible financing and technical assistance to support the launch and expansion of this community owned grocery store, strengthening local organic food access and downtown vitality.
MMCDC provided flexible financing and technical assistance to support the launch and expansion of this community owned grocery store, strengthening local organic food access and downtown vitality.
Meadow Run Townhomes (Menahga, MN)
MMCDC supports new development in communities that desperately need affordable housing. This affordable townhome style rental housing expanded housing options in a growing rural community.
Turtle Mountain Recovery Center (Belcourt, ND)
MMCDC provided $9.6 million in a finance package to construct a state-of-the-art rehabilitation facility. This eight-bed facility serves tribal communities and is complete with a full suite of services and trained staff to support individuals on their path to recovery from substance use.
Do you provide grants for businesses?
MMCDC does not have business grants at this time.
What is NeighborWorks?
NeighborWorks America is a public nonprofit organization, established by Congress in 1978 as the Neighborhood Reinvestment Corporation (Public Law 95-557) to expand opportunities for people to live in affordable homes, improve their lives and strengthen their communities. MMCDC is chartered member of NeighborWorks.
Do you have any vacancies?
MMCDC manages a variety of commercial and residential rental properties. Our website is regularly updated. Immediate vacancies are often posted on the home page as a banner. Call 218-847-5641 to speak with a representative about rental vacancies.
